When you begin considering all the estate planning options available these days, it can seem overwhelming. It may even keep you from creating a plan at all.
Creating an estate plan is one of the most important things you'll ever do, as this impacts you and your loved ones in a number of ways. Without an estate plan in place, there's no way of knowing exactly what will happen when you pass on.
When you create your will, it is always best to consider how the terms of the will may affect the people that you include or exclude from it. For many families, unequal bequests in a will can create strong rifts between family members who feel that they were treated unfairly. While your wishes are your own and you have the freedom to leave your property to anyone that you'd like, it is always a good idea to think ahead and anticipate how certain bequests may create conflict.
Establishing a charitable trust is an excellent way to preserve important resources and support causes that you value, allowing you to still benefit financially. If these trusts are properly constructed and thoughtfully planned, they may serve as a strong component of any estate plan. They can help you establish a legacy that may last long after you are gone, helping to tell your story and furthering the issues that you care about deeply.
For many people, estate planning is a chore that they put off as long as possible. This may make sense in the moment, especially for those who find the idea of estate planning stressful. Often, creating an estate plan forces us to consider our own mortality and the legacy that we hope to leave behind us when we pass away. This is not always comfortable, but the potential harm caused by failing to create an estate plan before it is too late is much greater than the discomfort of considering death.