Being prepared for the unexpected can save your loved ones headaches, disputes and money.
Since estate planning is about our wishes and what happens to our possessions after we pass, it’s a hard topic to think about, let alone act upon. Despite its importance as a part of a thorough financial plan, only one-third of Americans have an estate plan1. Let's look at very good reasons to have an estate plan and how you can help your members make sure their loved ones are protected.
What Should Be Included When Estate Planning?
Estate planning can be looked at as financial planning for the future. It involves setting up a person’s “estate” in the most efficient way possible.
An estate are things that a person owns, which can include:
- Houses
- Cars
- Clothing
- Land
- Jewelry
- Investments
- Retirement accounts
- Cash
- Savings
The main considerations for estate planning are:
- How the possessions should be distributed upon death
- Making decisions about medical care according to an individual’s wishes
- How personal information should be handled
- Preparing documents that deal with wills, trusts, Power of Attorney and taxes
- Instructions on handling digital assets, identity documents, titles and property maintenance
This might sound overwhelming and complex to consider now, but proper estate planning ensures peace of mind and control over future decisions that affect family members and loved ones.
How Can Estate Planning Help Your Loved Ones?
Knowing that you have taken the time and energy to plan for your future can be reassuring for those close to you. 
Taking proactive action towards ensuring a secure financial future means that your loved ones won't need to worry as much about the burdens of planning if something unexpectedly happens to you.
Planning ahead eliminates a huge amount of stress and worry that comes with not knowing how necessities like bills, debts and other expenses will be taken care of once you are gone.
Having the proper documentation in place can also help to cut costs for loved ones and ensure they keep as much as possible. Probate fees on estates with little to no planning can easily be 3-7% of the total value2 but can be greatly reduced with the steps taken when working with a professional.
It's an act of love and protection that you can provide them, which is invaluable during difficult times.
When Should You Set Up Your Estate?
Establishing an estate plan is wise for anyone looking to ensure that their assets and belongings are dispersed according to their wishes.
There's no hard and fast rule on when you should set up your estate; the answer depends on various factors, such as age, income, and specific objectives.
Generally speaking, the younger you are, the more time you have to update or make changes to your plan before death. However, even young individuals can benefit from some basic estate plans.
The earlier you establish one, the better prepared you'll be if something unexpected happens. Although for some, perceived costs can hinder them from setting up a plan of their own.
Is Estate Planning Expensive?
How Can You Help Your Union Members?
An estate plan will ensure the financial interests of loved ones are taken care of. It also allows them to pass on money and possessions to preferred individuals and will help prevent confusion and conflict at a time when families should come together.
Learn more about what we offer for unions to provide for their members on our website or book a meeting to see how our services can help your organization.
1,3 Caring.com’s 2022 Wills Survey Finds That 1 out of 3 Americans Without Estate Plans Think They Have Too Few Assets to Leave Behind by Daniel Cobb
2 Avoiding Unnecessary Probate Costs by Barclay Palmer
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Topics from this blog: legal benefits information estate planning
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