Parents spend their lives trying to protect their kids and make life better for them. And these efforts can last long after a parent passes away if he or she has in place a comprehensive estate plan.
Unfortunately, if you are a parent who puts off estate planning or does partial planning, you could be leaving your kids unprotected in ways you might not anticipate. Below are four ways an estate plan can protect and provide for your kids after you are gone.
- It can allow them to avoid the probate process. If you set up a trust as part of your estate plan, then your loved ones can avoid the complexities, delays and frustration of probate. There are many benefits of setting up a trust, but one is that your assets will be property of the trust, which means they won’t need to be transferred through the probate process.
- It can prevent contentious fights. If you pass away without a will or other plans for your estate, your kids can be left to fight among themselves for ownership of personal property, funeral arrangements and other issues that can cause painful and permanent familial rifts.
- It can answer their questions. Unanswered questions are among the most difficult things to cope with in the aftermath of a loss. A parent who passes away without addressing undisclosed sums of money, unequal inheritances or other potentially confusing issues can leave kids struggling indefinitely to cope with their own unanswered questions.
- It can give them confidence in their decisions. If you have advanced care plans, clear directions for funeral arrangements and thorough instructions for your estate, you make it easier for your loved ones to know and fulfill your wishes. Without clear instructions, they can always feel unsure about the decisions they must make.
Estate planning can be a difficult and sometimes complicated topic to discuss. But for Tennessee parents looking to protect their kids and make things a little easier for them during a devastating time, creating a comprehensive estate plan can prove to be extremely beneficial.