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5 Estate Planning Benefits You Should Know About

Mass Media

One of the biggest mistakes you can make when it comes to estate planning is to assume you do not need to plan.

Estate planning is all about deciding in advance and naming whom you want to receive your assets after your death.

Deciding early on how to distribute your assets will not only keep you in control of everything you’ve worked hard to achieve but also minimize squabbles among family members.

Estate planning is not only for the wealthy. It’s for everyone who wants to make sure their family and loved ones are adequately provided for, should the unthinkable happen.

Here are the five estate planning benefits you should know.

1. Peace for Everyone

You probably have heard horror stories of warring family members, where the war began soon after the death of a major pillar of the household.

Such situations arise when family members cannot reach a consensus as to who should be in charge of finances, real estate, and more. Such squabbles bring hatred among family members and are in most cases arbitrated in a court of law.

But where an estate plan exists, family squabbles are avoided.

Estate planning allows you to choose who should control finances and other assets after you die. This goes a long way towards settling any family disputes that may arise and also ensures your assets are handled the way you intended.

2. Avoiding Probate

When you die, your estate goes through a process that involves settlement and distribution of your assets in accordance with the terms of your will. This is known as probate and can be a lengthy and costly process.

The longer the probate process takes, the more costly it becomes, leaving your loved ones with less than you intended. This explains why most people try to avoid probate in any way possible.

Even with an estate plan in place, your beneficiaries will have to go through a type of probate to distribute those assets. However, not every probate is coordinated by the courts.

Some of the decedent’s property is not considered part of the estate, and therefore, not distributed through probate courts. These include trusts not established by a will, retirement accounts, insurance policies and jointly owned property.

The major ways your property can be settled outside probate courts include putting the property in a trust or by joint property ownership.

Avoiding probate coordinated by courts is one of the key estate planning benefits.

3. Transfer Property to Your Loved Ones Quickly

When you die without an estate plan, your family and loved ones could wait for months to get anything from you.

Estate planning helps to avoid the big delays that can put a financial strain on your loved ones.

With a good estate plan, your family gets all the resources they need to pay for outstanding medical bills, and for anything else that may come up.

4. Reducing Estate Taxes

Estate planning not only seeks to protect your loved ones from financial strain, but also from big tax hits.

By transferring your assets to your heirs, you also put your focus on creating the smallest tax burden for them as possible.

Even with the most basic planning, married couples can eliminate or reduce estate taxes by setting up revocable living trusts or ABC trusts as part of their wills.

Without an estate plan, the amount your heirs will owe the state could be considerably high.

5. Protecting Beneficiaries

One of the key reasons people prepare an estate plan is to ensure their beneficiaries are taken care of.

If the beneficiary is a minor, you’ll need to designate a guardian and a trustee in the will to oversee his or her wellbeing. Without such a plan, again the court will step in to determine who will raise your children.

If the beneficiary is an adult and is bad at managing finances, you can set up an estate plan that will protect them from making bad decisions.

Wrapping Up on Estate Planning Benefits

Without an estate plan in place, there could be a long-lasting impact on your family and loved ones. And not only for your loved ones but for you too.

Suppose you become incapacitated or suffer a stroke, who will pay your bills or manage your healthcare. A power of attorney designation and a well-drafted living trust package can help to protect you and your family.

If you have any questions on estate planning benefits or need help to update an existing plan, don’t hesitate to get in touch with us.


  1. Angelica Montiel says:

    My husband and I are interested in getting informations as to the process and cost to get our will done.

  2. Kylie Dotts says:

    It makes sense that if you have an estate plan or a will of some sort you could easily get the inheritance to each of your children quickly. This would be important if there is something like a will dispute that goes on because the inheritance would already be with the person receiving it. At the very least it would be easy to get an attorney involved to diffuse the situation in a favorable manner.

  3. Alexandria Martinez says:

    A good friend of mine was thinking about getting a probate attorney. She was interested in the many benefits that come from getting this type of service and wanted my opinion. I think that them being able to reduce estate taxes will greatly aid my friend as she goes through all the legal processes.

  4. Ashley Maxwell says:

    Thanks for your comment about how having an estate plan can resolve family problems because a plan is set in stone and there’s no need for debate. I like how you said that having one in place can bring a peaceful state of mind because it ensures that all finances will be controlled after someone’s eventual death. My husband and I are looking into accounts who can help us with estate planning for his parents’ house so that we can get everything in order early on.

  5. Jeremy Thompson says:

    I was thinking about whether to get an estate planning attorney to help me with my will already or to get one at a later date. Your suggestion to get the estate planning done as soon as possible to avoid leaving a warring family due to your unassigned inheritance helped me reach a clear decision to my problem. That said, I will be sure to get a reliable estate planning attorney to make sure that everything will be in their proper place in case of any accidents. Thanks!

  6. Khorae Olivier says:

    Wow, it’s interesting that estate planning can speed the rate at which your family gets the resources they need to handle any outstanding medical bills. I used to think that all just happened and you didn’t need someone to help you with it. You did a great job of explaining how an estate planning attorney can smooth the process of transferring property to your family and avoid big delays that can cause financial strain.

  7. Patricia Wilson says:

    It really helped when you mentioned that lack of estate planning would be burdensome for my family in case something bad happens to me. I definitely don’t want that to happen. I’m already in my mid-fifties, and I’m not as strong or healthy as I used to be. I think now would be the best time to take care of things while I’m still mentally fit to make my own decisions. I would definitely need professional help in getting everything sorted out. All I want is what’s best for my family. That shouldn’t be too much to ask.

  8. Ria Amelia Lawrence says:

    It sure was nice how you said that it is best to get the estate planning settled since it might take a while for the family to get their benefits from the deceased if it is not done properly. I will be sure to mention this to a friend of mine since he is always worried about his family. Considering how he has such a risky job, I think getting the estate planning thing prepared is the best course of action for him to take. Thanks!

  9. Todd Stauffer says:

    I like how you said that having estate planning helps to ensure that there aren’t any long delays between when you die and when your family gets what you left them. Having a trust lawyer would be really helpful in streamlining the process for your family. That way they don’t have to worry about having any problems in getting what everybody deserves.

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