Estate planning is not just for old or wealthy people. A properly drafted estate plan offers the peace of mind that comes with knowing your loved ones are prepared to handle your affairs when the time comes. Although everyone’s personal and financial situations are different, estate planning can offer any number of benefits to almost anyone.
Plan for emergencies. Estate planning is important because it allows you to plan for your healthcare and financial affairs if you are suddenly incapacitated. An advance healthcare directive allows you to name a particular person to make healthcare decisions for you in the event you cannot make those decisions yourself. Similarly, a power of attorney for finances allows you to choose someone to manage your finances for you if you are unable to manage your own affairs. If you become incapacitated without proper estate planning in place, you and your assets could end up in a court-supervised guardianship or conservatorship.
Save your family time and money. If you become incapacitated or die without proper estate planning, your children, grandchildren, and other loved ones could be forced to spend significant amounts of time and money managing your healthcare and distributing your assets through slow and expensive court processes.
Protect your minor children. Parents with minor children should plan their estates to make sure people they choose will care for their minor children in the event of a tragedy. Without proper estate planning, the court will make these important decisions.
Make sure your assets get distributed to the right person. Estate planning allows you to decide how your assets will be distributed when you die. Without proper estate planning, your assets may be distributed according to state law, rather than your own wishes.
Reduce taxes. If the value of your estate exceeds the relevant estate tax exemption amount, a qualified estate plan can help reduce the estate tax heirs will be required to pay.
Provide for a disabled child. Regardless of the value of your estate, you should have an estate plan for a disabled child. Without proper planning, the beneficiary could lose their government benefits, and your estate could be depleted paying for the beneficiary’s care.
Protect your children from creditors. A properly executed estate plan can protect your children from their own creditors by allowing you to control how and when they receive their inheritances.
Donate to your favorite charity. Giving to your favorite church, non-profit, or other charity can help reduce your potential estate taxes while contributing to a good cause.
Prevent family fighting. Making an estate plan that cannot be contested prevents family fighting over who should get what parts of your estate, when they will get it, and how they will get it when you’re gone.
Protect your assets from unknown creditors. A properly timed estate plan can help protect your assets from unknown creditors.
In summary, an estate plan protects your loved ones from the uncertainty and expense that would otherwise result from your incapacity or death without proper planning. Our firm offers a variety of estate planning solutions at reasonable prices, including wills, trusts, advance healthcare directives, and powers of attorney.
Please contact us today at with any questions or to schedule your consultation.
