Oftentimes, estate planning can be misconstrued with needing to have a substantial amount of wealth – but that is not the case. Estate planning is a great way to make sure that your wishes are carried out regardless of your financial status. Protecting your assets and loved ones is essential in understanding the importance of estate planning and preserving your legacy.
Here are a few reasons why everyone, including you, should consider the importance of estate planning:
– It’s Not Just a Will
An estate plan is more than a will. While it is an avenue for people to understand how your assets should be handled, it is also much more than that. An estate plan can assist in helping your family understand what treatments you do, or don’t, want if you are unable to advocate for yourself. It is also a clear way to designate who should receive which of your monetary assets, including retirement accounts.
– It Saves Time and Money
Since the primary function of an estate plan is to provide instructions for beneficiaries, it can be hard to do so without one. If your estate plan does not exist, your assets can then be liable to distribution by the state. This can often involve the lengthy process of the state identifying your assets and then determining who they should belong to. Additionally, there are a lot of financial and tax rules that apply to assets once they no longer belong to you. Estate plans can help you navigate and understand taxes ahead of time so that the burden doesn’t fall on your loved ones. The only person who knows who your assets should go to is you. Making an estate plan saves those around you the mystery of what your wishes would be.
– It Protects Your Family
An estate plan allows you to have control, which means it can also help protect your family. Since estate plans provide a clear directive, it helps keep a lot of confusion away from your heirs. Reflecting on your assets and the people in your life that they should go to is a great way to keep things up to date. Without a directive, it can be difficult for those around you to understand what should go to who. Additionally, estate plans are a directive toward guardianship of children under the age of eighteen.
Get an Experienced Estate Planning Attorney on Your Side
While it can be difficult to think of the inevitable, by having an estate plan, you can feel confident that your wishes will be carried out. Estate plans put you in control, giving you the peace of mind that a decision has been made. LPEP law has helped hundreds of people like you to put things into perspective and understand the importance of estate planning. Our estate planning attorneys make the process as seamless as possible, guiding you every step of the way. When you’re ready, call us at 408-553-0801 to get started.