How Estate Planning Can Benefit You?
End Of Life Planning
Death is the inevitable fate that every person has to face. The uncertainty that comes with death and what happens after is something that worries all of us. Here is where end of life planning comes in. End of life planning includes everything, from making critical decisions about your medical care to managing the distribution of your assets after your death to choosing your funeral.
Estate Planning - A Key Part Of Funeral Preplanning
Through funeral preplanning, you can ensure your wishes are respected and relieve your family from the burden of making difficult decisions during a tough time. In today’s world, estate planning is an integral part of funeral preplanning. Here is how estate planning can help you protect your legacy:
- Asset Distribution: End of life planning can allow you to decide how you want to distribute your assets among your loved ones and beneficiaries. You can reach out to an estate planning attorney to help you out with the entire process. You can give the desired proportion to the right people, and your word will be the final verdict on the subject.
- Protect minor children: Even though no one anticipates dying at a young age, you can never be sure. In such an unforeseen situation, young children are the ones who need the most care. By planning a last will as part of estate planning, you can ensure that all your assets will be used for the welfare of your children. Doing this also eliminates the possibility of a court of law deciding the fate of your children.
- Avoid the probate process: With estate planning, you can enable the smooth transfer of all your assets to the beneficiaries outside of probate. When a property goes through probate, the process is time-consuming for the family members and quite expensive.
- Cut attorney fees and court expenses: Beneficiaries of estates without an estate plan would usually have to go to court and pay hefty fees to attorneys during the transfer process. By estate planning, you also save your family from burning a hole in their pocket by making such expenses.
- Reduce tax burden: Proper estate planning can give you various tax exemptions to reduce your beneficiaries' tax liabilities. There are various strategies that you can work out with the help of experts.
- Plan for incapacity: Estate planning isn’t just about what happens to your assets when you pass away. In case of a severe illness leaves you in no capacity to make decisions in the future, you can designate a trustworthy individual to make decisions on your behalf. This can be done through a durable power of attorney for finances. You can also appoint them to make medical decisions for you in such circumstances.
- Business succession planning: If you own a business, estate planning is a must for you. As a business owner, the last thing you would want is for your business not to have a clear plan for when you step down. With estate planning, you can ensure that your business has the right leader in case of your absence. This will prevent your business from encountering challenges that businesses usually face when there is an unplanned change of leaders.
- Support charitable causes: While formulating a will, you can decide whether to donate some of your assets to a charitable cause. This can help you leave a legacy of philanthropy behind.
- Prevent family disputes: Last but not least, estate planning can effectively prevent family disputes over property. When you have the last word on who gets what proportion of your assets, you can ensure peace and harmony within your family.
Living Trust Vs Will
What is the difference between a living trust vs a will? Titan Casket reveals the important differences between the two estate planning documents.
Should You Preplan Your Funeral?
By preplanning your funeral, you can save your family and loved ones from making tough decisions while they are grieving. With estate planning, you can also minimize disputes within your family and distribute your assets as you wish. Titan Casket understands the importance of funeral preplanning and offers several resources to help you understand the intricacies and importance of estate planning. Furthermore, funeral planning in advance also helps you fulfill all your wishes without depending on someone else to do them for you. Titan Casket helps you pre-order a casket for your funeral. You can visit our website to select from over 1,000 customizable options and preplan a casket. You can fill in the required information, make the payment, and finally e-sign an agreement to ensure your family receives the casket of your choice when the day arrives.
