Many articles have been published about the gift of estate planning. In fact, it is one of the most important gifts you can give to your family and loved ones. A well crafted estate plan represents part of your legacy and how you will be remembered. How you would like to be remembered when you are gone and does your estate plan reflect those wishes?
Why can estate planning be such important gift for your family? Consider these benefits your family receives from your well thought out plan:
1. Protection for your spouse from creditors and predators. Are you leaving a plan which exposes your spouse to risk or protects them?
2. Protection of children from the over indulgence of youth, protection from creditors and protection against predators. Does your plan for your children provide these protections?
3. Inclusion of grandchildren or other family members who are disabled. Such issues should be considered in every plan. Are they addressed i yours?
4. Asset and probate planning. Do your assets create problems and are these issues addressed in your estate plan?
5. HIPAA compliance. Protection of your health information is important in our electronic age. Is your entire plan and all documents HIPAA compliant? If not it needs to be.
6. How recently have your reviewed your plan? Plans older than 5-7 years may create unexpected traps and negative results for your family. Has your plan been reviewed recently?
Does your current plan provide these benefits to your family? Now you know why estate planning is one of the best gifts for your family not only at the holiday season but also year round.