By Sarah Stewart Legal Group
We spend a lot of time discussing the tangible benefits of estate planning and the different types of planning tools on this blog. An estate plan is a valuable part of everyone’s life and end-of-life plan.
Though the tangible benefits are varied and important, the intangible benefits of your estate plan can be just as valuable. Today, we discuss 3 intangible benefits of creating your estate plan.
(1) Ease Pain and Grief of Loved Ones
Though it is never easy to lose a loved one, having a well-thought-out estate plan can ease a lot of pain, stress, and grief for your loved ones after your death. Few things can add more stress to an already stressful situation than having to wade through mountains of documents, looking for assets, liabilities, and any evidence of an estate plan, or lack thereof.
One of the best gifts you can give your loved ones after your death is a plan for your assets and a list of your assets and debts, in an easy-to-find and access location. It will save your family hours of stress and the pain of sifting through all your belongings, and reliving countless old memories, just to find the things they need.
(2) Inspire Family Reflection
Estate planning requires focus, attention, and deliberate thought about one’s values and loved ones. Some may be inspired through the process to write a memoir, or share family history and memories with loved ones. Some decide to write letters to their family members and friends telling them how important they are to the planner. Estate planning can lead to a renewed sense of family, love and belonging.
(3) Repair Relationships
Since estate planning brings up memories of the people we have known and loved in our lives, it is not uncommon for the process of estate planning to repair interpersonal relationships. As people begin the process of thinking about who and what is important to them in their lives, they can recognize the people and areas of their lives where they feel they have lost something. Sometimes, they will work to improve or fix that relationship or area of their lives, enriching the lives that they currently live.
Estate planning can be a difficult and time-consuming process for many. Attorneys, financial planners, and tax professionals all have professional knowledge and experience that can only help you in your process.
Let 2018 be the year you explore the tangible and intangible benefits of having your estate plan in order.