Five Reasons Estate Planning Is Important
Unfortunately, death is an inevitable part of life. Therefore, it’s important to plan for those who will be left behind. Besides planning the final plans for your funeral, you should also do estate planning. There are five important reasons estate planning is important.
- Executor: An executor is a person designated to handle the affairs of a deceased person. The executor follows the expressed wishes of the deceased.
- Beneficiaries: Part of estate planning is also designating who will receive the division of an estate, including property and assets. These recipients are called beneficiaries.
- Guardianship: When children are left behind, there is a matter of who will take care of them when someone dies. Appointing guardianship keeps children from being divided or placed into foster care as wards of the state.
- Mediation: When people pass away, strife can occur over their possessions, leading to arguments and strife. Estate planning can help mediate some of the conflict.
- Taxation: People are often burdened with inheritance taxes after someone dies. Planning for the division of an estate can help save the remaining loved ones the burden of taxation.
Estate planning is more than wrapping up loose ends. It’s making sure that relatives are taken care of. For more on this important phase of life, call Peterson & Peterson LLC at (937) 502-4222.