The Importance of Estate Planning
Legal Plans
Estate plans aren’t just for people with actual “estates.”
Having an estate plan is among the most important things you can do for your loved ones. It’s essentially a roadmap for ensuring your assets are distributed according to your wishes when you pass away. You can also specify how you’d like to care for your children or dependents, and even your pets. A living will, part of your estate plan, also outlines how you would like health and financial decisions made if you are unable to do so for yourself during your lifetime.
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An estate plan addresses:
Guardianship. A will outlines who will care for your minor children or special needs dependents if you pass away. To ensure that you decide who will care for your children, it’s important to name guardians in the event that both parents die before children reach age 18. Without a will that names these guardians, the courts will decide who will raise your children.
Beneficiaries. One of the most important components of estate planning is designating who will inherit your assets after your death. From your stock portfolio to your grandmother’s jewelry, making these designations ahead of time can reduce familial friction and keep these decisions out of the courts.
Tax planning. Estate planning can help you reduce much—or even all—of your federal and state estate taxes and state inheritance taxes. Trusts are used to hold assets for one or more beneficiaries, and they may offer significant estate tax and other protective benefits.
Power of attorney. You can designate a person you trust to make financial and legal decisions if you become incapacitated or pass away. Choosing who controls your finances can also help quell family strife and ensure that your assets are managed as you intended.
Healthcare. You can choose a healthcare proxy to make decisions for you in the event you’re unable to make your own decisions about medical care. Your healthcare proxy will work closely with your medical team to ensure your care and treatment preferences are followed. Having a proxy can be especially helpful in unexpected situations such as a serious accident or stroke.
Thoughtful planning ahead can minimize taxes and court fees, and can spare your family from having to make difficult decisions. Start by taking time to think about your estate plan and the decisions you’ll need to make. When you’re ready, an estate planning attorney can help compile the necessary legal documents to ensure your plan is complete and legally binding. MetLife Legal Plans provide access to a nationwide network of attorneys who can help you develop an estate plan that ensures your final wishes are met.
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