The essence of an estate plan is to ensure your estate is divided among your beneficiaries as per your wishes. And while you can trust the family to manage asset distribution, it’s crucial to acknowledge that this task can be challenging and emotional.
That’s why you should consider appointing a third-party personal representative to oversee asset distribution at what will be a challenging time for your loved ones.
An estate plan makes your wishes clear
The primary benefit of an estate plan is that your assets get distributed according to your wishes. Otherwise, if you don’t have one, it will be left to the court to distribute your assets based on the state’s intestacy laws, which may not be how you want.
The personal representative takes charge
Jobs the personal representative will undertake (and spare others from having to think about) include:
- Notifying any outstanding creditors and settling any claims against your estate
- Distributing the assets that are left as per your wishes
This will give you peace of mind knowing your loved ones are relieved of the burden and stress of dealing with complex legal procedures during a difficult time.
Minimizes family conflict
Without an estate plan, there can be uncertainty among beneficiaries regarding the distribution of assets. This may lead to family disputes and legal battles.
Allows life to carry on without you
The bills won’t stop just because you die. One thing an estate plan can do is give someone the power of attorney to pay those bills the moment you can’t. That can avoid your family from getting behind on crucial payments such as the mortgage.
A comprehensive estate plan is something the family you leave behind will thank you for. Getting legal advice can help you create one that meets your unique needs.