Estate planning has many benefits. First, you can ensure your assets are distributed to the people you choose. Second, you can ensure that if you passed away your minor children would be cared for and their inheritance managed by the people you trust. Third, estate planning can minimize taxes or preserve your estate from being reduced due to the high cost of long-term care during your lifetime. That could mean more options for you during your lifetime and a greater inheritance for your loved ones. Fourth, you are making it easier for your children or other loved ones in the event of your incapacity and for after your lifetime. Fifth, you can protect the inheritance of any child or grandchild that has special needs. Sixth, you can make provisions for any children with specific issues such as alcohol abuse, creditors, or marital issues.
So even if you do not wish to prepare your estate planning for yourself, you should consider estate planning as a gift for your children or loved ones.
