Estate planning is necessary, but many people find the prospect intimidating. Quoted by laduenews.com, Meredith Murphy, an attorney with Smith Amundsen’s Estate and Business Planning Practice Group in Missouri said,
“Estate planning allows an individual to manage and direct where assets are to be distributed upon their death, but [it] also lets an individual plan in order to mitigate or reduce income and estate tax, protect families with young children, save money on court costs and attorneys’ fees associated with not having an estate plan, and plan for end of life,”
So what do we say? We say she is absolutely correct.
The main effect of estate planning give you peace of mind knowing that your assets have been taken care of and there will be no loose ends after you die.
Murphy is quoted again in the laduenews.com article saying,
“After someone dies, the worst thing in the world would be to be left scrambling in the dark, not knowing where [the deceased] loved one wanted to be buried or if [he or she] wanted to be cremated, if there is enough money for the funeral and what was supposed to happen to the contents of the house or the house itself. Having an estate plan allows you to set this all out for your family and friends so that when you pass away, your family can grieve for you and not have to worry about the logistics of death like bills, funeral and taxes.”