Planning gives you the chance to decide what happens to your belongings after you pass away. Even if you have spoken with your loved ones extensively about your final wishes and how you want to divide up your property, those conversations don’t hold legal weight.
Legal planning is essential because it leaves clear answers to the professionals who will need to assess your estate after your death. Otherwise, their decisions may not match your preferences.
Another benefit of estate planning is the ability to avoid probate—this can take months or even over a year to administer your will and settle your affairs. Instead, you can create a trust that automatically gives your beneficiaries access to your assets after your death.