Estate planning refers to the process of arrangement and disposal of your estate during your life, to eradicate uncertainties related to the administration of assets. Your estate can be anything you own, no matter how big or small, from your house or car to investment plans to furniture to even pets and pieces of jewelry. Here are some of the major reasons why estate planning is essential before going to an assisted living community:
- It ensures the distribution of your property according to your personal will:
Estate planning gives you the freedom to distribute your estate according to your wishes, without the fear of it falling into the wrong hands. It gives you the chance to decide who will profit from your estate, and to what degree. Through estate planning, you can ensure that the family wealth stays within the family, instead of getting into the hands of some of those greedy relatives. You can have the opportunity to leave something behind for your wife and children to support them, or even fund a child’s education, be it yours or someone else’s whom you want to see grow and prosper. And if you believe that nobody around you is deserving enough, or if you have felt strongly for a charitable cause all your life, you can even donate it to a charity to help those most in need.
- It increases the value of your personal estate:
Through estate planning, you can increase the value of your estate in two ways. Firstly, you can reduce the taxes collected on your estate, which allows your beneficiaries to keep more of the money you set aside for them. While estate planning can seem costly in itself, it secures your estate and prevents its depletion from the burdensome taxes enforced during the transfer of assets. Secondly, it saves your loved ones from the hassle of going to courts and paying heavy lawyers’ fees, thereby ensuring that they receive what you have left for them without impediments and with very little delay.
- It gives you the chance to plan ahead for any disability:
Because life is unpredictable, it is absolutely essential to plan or formulate your will, no matter what age group you belong to. Accidents can happen to anyone and especially with age, one becomes prone to mental or physical disabilities. An estate plan will ensure that the person you trust the most becomes in charge of your medical decisions, choosing healthcare facilities that you prefer and acting on your behalf in your absence, safeguarding your comfort and peace of mind when you are yourself unable to do so. You can even appoint someone loyal and efficient enough to take charge of your business, to ensure that it continues to prosper when you are not there to take care of it anymore.
- It allows you to provide for your family:
With estate planning, you can ensure that your family is well-looked after even in your absence. Losing someone is horrible enough without the added trouble of arranging for a funeral, going to courts, paying taxes and other bills, and arguing with other relatives to get what you wanted your family to have in the first place. You can make this process easier for them and save them a lot of trouble by deciding these things beforehand and drafting your own estate plan, assigning trustees to execute your will.
If you find yourself or a loved one is ready for assisted living, make sure to check estate planning off the list. It will ensure a smooth transition into the next wonderful chapter of life! If your interested in learning more about our community, Legacy Assisted Living, don’t hesitate to reach out. You can call us directly at (262) 696-8252 to get more information or fill out our online form here.