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Estate planning is very beneficial because it helps in the preservation of an estate for the benefits of the chosen heirs- Since the estate plan has the name of beneficiaries, it will help prevent conflicts among your family.
It also helps in the reduction of estate taxes by providing a plan for the payment of the estate taxes.
It also helps in the maintenance and control over distributed assets.
Improper estate planning may lead to conflicts among the family members; for instance if a person passes away without any any proper estate planning it may lead to scramble for the person's estates and competition on who manages which estate.
A proper estate planning has a positive impact on family members because each and every person will be responsible for the estate he owns and manages. This will therefore mean competition on who is a good manager since the funds shall have been equally distributed. The family members thus will be able to gain more.
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