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Creating a will or trust can benefit you and your loved ones

While life has many twists and turns, one thing that everyone in Moorestown can expect is that they will one day pass away. Therefore, some say, "live each day as if it were your last." While this may be good advice, it is equally important to be prepared for this eventuality through estate planning. However, estate planning comes with its own set of issues, both emotional and practical, that need to be addressed.

First, it is important to acknowledge that planning for one's death can be an emotional process. Thinking about death can be frightening, and thinking about leaving loved ones behind is saddening. But, it is important to know that estate planning is not just for the one doing the planning -- it is for the loved ones left behind.

If one does not have an estate plan, such as a will or trust, in place, state law dictates who gets assets, regardless of the deceased's wishes. If one wants to see that someone special is financially cared for in a certain way, they need to think about estate planning.

In addition, if one communicates their wishes through estate planning to their loved ones ahead of time, they will know what to expect, which may reduce the possible disputes that could arise otherwise. And, of course, an estate plan need not be set in stone. If a life event takes place, such as the birth of new family members or a divorce, that necessitates a change to the terms of the estate plan, it can be done.

Moreover, an estate plan can benefit loved ones in more ways than just financial ones. An estate plan can include funeral arrangements. It can also name an executor who can handle the paperwork, bills and other practicalities that must be addressed after death. Making these practical arrangements ahead of time, can be of a great relief to grieving loved ones.

While the estate planning process can present many emotionally difficult issues, once it is done, Moorestown residents and their loved ones may feel both a sense of relief and a feeling of accomplishment that the job is done. Of course, to have a complete understanding of both estate planning options and how to execute them appropriately, one may want to retain the services of an attorney who can guide them through the process.

Source: Forbes.com, "What Every Estate Planning Lawyer Wants You To Know About Death And Dying," accessed on June 13, 2016

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