Many people associate estate planning with the extremely wealthy, but in reality, most people benefit from creating a strategy for how their assets should be handled. Anyone who has anything to leave behind needs to create an estate because an estate plan will function as a guidebook for how anything you leave behind should be handled.
This article reviews some of the most critical reasons why people should consider engaging in the estate planning process.
# 1 – Estate Planning Can Include Documents of Varying Purposes
Estate planning includes writing a will, which addresses questions about how assets should be handled after you pass away. Estate planning also tackles the question of who will take care of your children if they are orphaned, instructions for your burial, and other small but critical details.
Additionally, the topic of estate planning addresses securing your assets with wills, protecting your loved ones with trusts, and leaving behind last instructions and wishes with powers of attorney. If you are interested in achieving any of these goals, you should consider engaging in estate planning.
# 2 – Failure to Adequately Plan Leads to Undesirable Results
If you fail to leave behind instructions about how your assets should be handled, default rules will apply to how your assets will be handled. As a result, what you leave behind will be handled in a way that is not in your best interest.
If you fail to create an estate plan, wishes for how your remains are handled might not be honored, your property might end up being managed by someone you do not trust, some people you intend to might not receive an inheritance, and someone undesirable might be tasked with overseeing your children. Whether it’s financially motivated or based on wanting to avoid undesirable results for your loved ones, you should consider engaging in estate planning.
# 3 – Estate Planning Can Avoid Difficulties
Adequate estate planning can save a substantial amount of difficulty as well as avoid various costs. Detailed documentation with instructions can avoid discomfort and provide comfort while your loved ones emotionally heal from the loss.
Some of the most common reasons why people decide to create estate plans include skipping the costly and time-consuming probate process, avoiding additional taxes, choosing who will care for you, appointing a trusted guardian for your children, and avoiding family tension or drama.
Speak with a Knowledgeable Estate Planning Attorney
Regardless of whether your estate is simple or complex, you should not hesitate to speak with an experienced estate planning attorney. Do not hesitate to contact Ettinger Law Firm today to schedule a free case evaluation.