Estate planning has a slew of benefits, but what clients (and their families) find really valuable is peace of mind. Peace of mind promotes family relationships, health, and positive communication. Here are the 4 ways an estate plan creates peace of mind.
1. Blended Families
When your second (or third) spouse and children from previous relationships all know that you’ve done estate planning and that they’re protected, relationships can be fostered.
2. Long Term Care Covered
If you’ve planned ahead and have arrangements to pay for your long term care through Medicaid, private pay, or long term care insurance, both you and your loved ones will have peace of mind, knowing that they don’t have to decide between your care and financial ruin.
3. Your Wishes are Documented
When you have an up-to-date, comprehensive estate plan, your wishes are documented; both you and your loved ones have peace of mind. There is no fighting over what you would have wanted regarding a living Will, organ donation, final arrangements, trust helper roles, and asset distribution.
4. Beneficiaries Protected
You and your loved ones will sleep better at night, knowing that your beneficiaries and their inheritances are protected from addictions, spendthrift behavior, bad decisions, divorce, bankruptcy, lawsuit, malpractice claims, second spouses, and medical crisis.
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Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.