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10 Reasons for Going into Estate Planning

Updated on November 21, 2011

Estate Planning is not only for the rich and famous, it can also be beneficial for "common folks" like us.

Nowadays, people are becoming more and more aware of estate planning. True, the rich and famous have known about (and have applied) this concept for a very long time. But even those who are not rich and who do not have many worldly goods are starting to realize that estate planning applies also for these “common folks”. Estate planning benefits not only the rich folks, it can also be an advantage to those who are not rich. This I have learned firsthand when my father died (quite unexpectedly I might add). Okay, we are not rich but my father did leave several properties when he died. He, however, did not leave any will or written document to specify how these properties will be divided, who gets whom and what are the provisions for his young grandchildren (if any). Luckily for my siblings and me, we quickly came to an agreement on how to deal with things. Unfortunately for me, I was the one who was “assigned” to deal with most of these things. This quickly made me realize that it is really helpful to have an estate plan. Keeping this in mind, I have compiled 10 reasons (there are more, lots more) why one should go for estate planning.

It provides Peace of Mind. Estate planning is challenging but after you draw this up, you can take a deep breath, relax and put your mind at ease, knowing that you have done everything (legally) possible to protect the rights of your family and loved ones, even after you have died.

It ensures that your Property (or Properties) is Left to the people you have identified in your last will and testament. This last will and testament (which is part of your estate planning) can help you ensure that the people to whom you intend to bequeath your properties are really the people who will get these properties. Make sure that your last will and testament is legally airtight so that there will definitely be no questions about it!

Since you have already specified who will have what, you can be sure that your properties will go to their intended beneficiaries at the Soonest Possible Time. Believe me, this one I found out quickly when we have to draw up the alternative to the last will and testament (called an extra-judicial settlement here) and we had to dig up all the documents supporting my father’s ownership on his properties. This, apparently, took much more time than if there was a formal last will in the first place.

It can also help Minimize the Estate Taxes that your estate or your heirs will have to pay the government after you die just to get your estate to be released to them. Taxes on one’s estate can be quite expensive and cumbersome for the heirs of the deceased. The higher the value of your estate, the higher its taxes will be. If you go into estate planning, you might find ways to help reduce these taxes and ease the burden of those who will have to shoulder them.

It can help Protect the Interest of those who need such protection. This is true for those who have children or beneficiaries who are still minors or have not yet reached legal age. Going through the process of estate planning and having one eventually mean that your children’s and beneficiaries’ future are well-protected even after your death.

Estate planning can also Protect Your Properties just in case you are unable to do so (or in between the time after your death and before the actual transfer of the properties to your heirs). Good estate planning means you get to also designate a good and trustworthy agent or family member to take care of the properties for you.

You may Specify Your Funeral Arrangements through a properly executed last will and testament. This includes how the related funeral expenses will be paid. Specifying such arrangements will help your family to cope with the funeral arrangements when they are still in grief.

Estate planning may also Specify the Medical Care Arrangements that you would like to have if and when you are no longer able to communicate your wishes. This means that estate planning is not only for the “in contemplation of death” phase in your life, it is also in anticipation of such cases when you are still alive but are no longer in the position to control or verbally communicate the right medical care for you.

It can also Make It Easier for You to Retire during your advanced years. This is another reason why estate planning is also for those who anticipate still living a long life. Estate planning may include health care and other benefits that can help you retire comfortably while ensuring that you have already provided for your loved ones during your retirement and even when you died.

Lastly, do you have a favorite charity? Well, you can actually Bequeath your Properties to Your Favorite Charity or Foundation through the last will and testament. This means that the charity or foundation can still get your support even after you died because you included it in your estate planning.

Estate planning may be a somber or “morbid” idea for most people but, believe me, it is one of the most practical things that you can do during your lifetime. Estate planning does not have to be expensive nor does it have to be fancy but it will surely make a lot of things easier not only for your family but for you too.

First Hub for Hubmob Weekly Topic: Financing Your Retirement
First Hub for Hubmob Weekly Topic: Financing Your Retirement


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    • profile image

      mandatory retirement 7 years ago

      Estate planning is essential. No one can live comfortably in retirement on social security only. While many people find themselves in that circumstance, it becomes important that people do estate planning for their own future, not just the future of their loved ones.

    • profile image

      Real Estate Business Plan 7 years ago

      Where can I find an example of an APARTMENT REAL ESTATE DEVELOPMENT BUSINESS PLAN? Please help!?

      I am working on a school project, and I need to create a business plan. My scenario is hypothetically like this: I am starting a real estate development business, and my first development project is to be included in my plan. Can anyone please help me? I'd certainly appreciate it!

    • profile image

      Estate Lawyer Planning 7 years ago

      Can anyone recommend an estate planning lawyer in san mateo, ca?

      I am looking for an estate planning lawyer in san mateo, ca. I recently moved here and do not have anyone I can ask for a recommendation

    • emievil profile image

      emievil 8 years ago from Philippines

      Thanks fiery. I thought we were going to have the same problem when my father died (although to a lesser degree because he doesn't have what your Grandpa had). Fortunately for us, my eldest sister did not really want to take over the reins so to speak so all of us sort of chipped in =). Maybe your Dad is thinking the same thing.

    • fierycj profile image

      fierycj 8 years ago from The Fiery Heart of Africa

      This is exactly the problem my Dad's family is having. My Grandpa was supposedly a big man in his time. When he died he left lands, houses and property. Supposedly according to tradition, my Pops the first should care for it, but his younger ones aren't hearing any of it. Dad's been cool so far about it, and we, his children have told him to chill. Real Estate is a profitable venture, though. Nice piece of info. :)

    • emievil profile image

      emievil 8 years ago from Philippines

      Thanks for the comment dohn. I can relate with your feelings. My father didn't leave anything so we had to feel our way through what he left us. The advantage was that there are two of us (my sister and I) who are accountants and two more in-laws who are accountants. So we kind of understood how to prepare his estate taxes and the related requirements. But it could have been a lot easier if he left something. We didn't try to get him to write a will because, well, we didn't want to think he will die on us just like that. But it happened and in hindsight, we should have convinced him to do estate planning.

      Maybe you can get your father to talk to estate planners or lawyers who can explain to him the benefits of estate planning (and how he can protect his assets from 'pilferage', though I really don't think he has to worry about that from you). Though it may cost you money, he may be more inclined to listen to a professional who has experiences in this matter.

    • dohn121 profile image

      dohn121 8 years ago from Hudson Valley, New York

      If and when one of my parents do pass away, it will be too soon. I'm sorry to hear of the loss of your father Ernie. My father is very stubborn and at this time, I have power of attorney over him. We've been trying to get him to get him to do a will but he always gets all sour about it for some reason (he thinks we're out to pilfer from him or something).

      Great hub, BTW. There maybe some hope yet of getting my dad to comply!