Creating a will can have many benefits, especially if you are the owner of many valuable assets.
Most people die without creating a will, and this brings difficulty to family and friends. A will should be updated at least once or twice. The most ideal time to update a will is after a major life change, and new recipients and assets should be considered when making these changes. This will make it easier for friends and family to access your assets.  Elder law planning can assist in this situation.

Read more: You should update your will after these major life events

Estate planning helps people receive the assets you want them to. It should be done early on, and after any life changing event. One benefit of estate planning is called beneficiary designation, and this says who gets what after you die. Tax and business information should be provided to the beneficiaries. A will should be created and a Power of Attorney designated. Estate planning also indicates whether you would like to be kept alive artificially in the case of a coma.

Read more: Estate planning: Protect your assets and beneficiaries

Estate planning is important for parents who want a say in who will raise their children should they suffer an incapacitating accident, or should they pass away unexpectedly. While most people understand that a will or trust may be used to address how assets should be handled and transferred after their death, estate planning serves many other functions that a new parent should fully consider. You can let your wishes be known and decide for yourself who should raise your children. Without a will to name a guardian for your children, the courts will make the decision under the law. Moreover, disputes may erupt among relatives or between the paternal and maternal family lines.

Read more: 3 Estate Planning Tips For New Parents – Huffington Post Canada

Death, dying, and mortality are difficult subjects for many to discuss, but that is exactly why psychiatrist Joel Schwartz wants to discuss them. His method of discussion is considered a bit unorthodox, as he prefers humor to deal with the grief, and mentions that when sitting shiva (the Jewish mourning period), it is common to hear laughter and joy. He believes that humor can tone down the pain of a situation, and encourages others to consider their own mortality when younger, so that they may deal better with loss and grief when it arises. Estate administration can be a big help to loved ones left behind handling your affairs.

Read more: The Jewish Chronicle – Laugh will and testament using humor to … – thejewishchronicle.net

The creation of a Revocable Living Trust can help protect assets from
proabate, and the loss of assets to expenses relating to the transfer of
the estate to heirs. These trusts can work to not only manage the immediate
transfer, but can also be used for large assets distribution over the long term.
Using the trust to hold assets can also have advantages for marriage tax deductions and charitable tax deductions as well. Estate planning can help with the creation of this.

Read more: Using Revocable Living Trusts in Estate Planning