There is a clear and direct value to your beneficiaries for creating an estate plan that makes it easy for them to receive the assets you want and decreases the probability that they’ll spend a long and costly amount of time inside probate.
However, there are other benefits to comprehensive estate planning that you might not realize in the moment but can be instrumental in making things easier for your loved ones in the future. The emotional value of estate planning should not be ignored as it can be just as or even more beneficial than the other components of your plan.
When you can better connect to the emotional value, it becomes easier for you to plan out how you’ll accomplish your estate plan tasks and support your loved ones now and in the future.
There are four primary components of the emotional value in estate plan and these include:
- Writing down your final wishes which makes it easier for your loved ones to identify what needs to happen next after you pass away.
- Clearly expressing your wishes about how you want to divide things using a will or trust, decreasing confusion or the possibility of a probate dispute.
- Minimizing the possibility of family conflict when a loved one passes away by creating streamlined and clear instructions and documentation.
- Giving your family a sense of control by completing your estate planning documents and keeping them updated as your life needs evolve.
All of these different aspects can be accomplished by working directly with an estate planning attorney. Don’t hesitate to schedule a consultation today to learn more about this process-our Thumb of MI estate planning attorneys can help you.