Estate Planning Estate planning is an essential and valuable piece of your financial puzzle. It is all about leaving the legacy that you desire when you go. Not only does estate planning honor your wishes, but it honors your values and allows them to be passed down to your heirs. Ensure that you are making the most out of the legacy you leave. Why is Estate Planning So Important? Protect Beneficiaries – Regardless of what assets you have in your estate, it is essential to protect your beneficiaries. If you don’t decide in advance who receives which assets when you pass away, you won’t have any control of what happens. Without a plan, it will be up to the courts to decide what happens. This process can take much time and incur several unnecessary fees.Protect Young Children – If you were to pass away unexpectedly or become incapacitated while your children are young, what happens? Estate planning can provide peace knowing that in the event of the unthinkable, you have the opportunity to name a guardian for your young children. Ensure your children are taken care of by a person of your choice instead of leaving it up to the courts.Minimize Taxation – Protecting your loved ones includes protecting them from the IRS. A sound estate plan will keep taxation in mind and help minimize the tax burden that your loved ones incur when you pass on.Eliminate Mess – Don’t let your loved ones find themselves taking out their feelings on each other. Creating a sound estate plan ahead of time will give your beneficiaries answers to any questions they may have and provide them with space and freedom to grieve instead of battle over who gets what.Establish directives – Complete estate planning includes important legal directives such as a trust, a medical care directive, a durable financial power of attorney, and a limited power of attorney. It is imperative that you carefully select individuals who will do the right thing when it comes to having your life and your assets in their hands.