Four Ways Your Estate Plan Helps Your Loved Ones

ISLANDIA, N.Y. - Oct. 15, 2020 - PRLog -- People typically create an estate plan to ensure that their final wishes are carried out. The ultimate goal of making an estate plan, though, is to ensure that your loved ones have a plan to follow in the event that you pass away or become incapacitated. It is understandable why so many people are hesitant to create an estate plan. Facing the fact that you or a loved one will pass away is a scary prospect, and feelings of uneasiness are natural.

However, remembering that an estate plan is one way to help your loved ones even after your death is a great motivator for creating an estate plan. Below are the four biggest ways your estate plan will help your loved ones through a difficult time.

Avoid Complications

Without a proper estate plan in place, your assets will likely have to go through the probate process. Probate is a lengthy and complicated process that is often very difficult for individuals to go through when they are dealing with grief at the same time. Some estate plans, such as those that only include a will, still have to go through the probate process. When you have included certain elements within your estate plan, such as a trust, these do not typically have to go through probate, making the entire process much easier for those you leave behind.

Maintain Privacy

Most people do not want their most personal affairs, such as their assets, made public, even after their death. An estate plan can help avoid that. When an estate passes through probate, everything within that case is a matter of public record. Estate plans that are prepared properly with necessary documentation, such as a trust, on the other hand, can maintain confidentiality and ensure the records are not made public.

Easier Access

The chances are good that you have at least one or two assets that you want to be passed onto your loved ones. In today's day and age, there is also a good chance that some of those assets are digital, whether they are cryptocurrency or a social media profile. Including these assets within your estate plan and more importantly, ways to access them, will make it easier for your loved ones to access those assets so they can be distributed as you wish.

Providing Closure

Your loved ones will have a lot to deal with when you pass away, and providing them with some direction can help. An estate plan will help them carry out your final wishes, which is a great help in helping them find the closure they need.

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