Creating an estate plan is one of those tasks that you know you should do, but it can get easy to put off. There is no firm timeline for your estate plan, so you may not feel pressure to complete it.
You already know that your estate plan is how you can pass on your legacy and assets to your loved ones. Your estate plan is also a way to make it simpler for your friends and family to know what to do after you pass away.
Here’s how your estate plan can make the lives of your loved ones simpler as they wrap up your affairs after you die.
Your final arrangements
Funeral arrangements are a deeply personal decision. You may have told your loved ones what you want, or you may have dropped hints along the way. If you are indifferent about your final arrangements, it can still be beneficial to include directions in your estate plan.
When you put instructions for your final arrangements in your estate plan, your loved ones can know for sure what you want.
Clear communication for your assets
During the course of your relationships with your friends and family, you may have talked to people about leaving certain assets to them after you pass away. These conversations can be confusing when loved ones have different information about what assets belong to whom, especially if you have changed your mind over the years.
Your estate plan has the final word on how you want the administrator of your estate to distribute your assets. When there are clear instructions, it can limit disputes about asset distribution. While some friends or family members may still find a reason to challenge your will, if you keep your estate plan current, you can reduce the likelihood that one of your loved ones will raise a dispute.