If you haven’t taken time to consider the use of an estate plan, you may have been unsure whether you actually need a plan. The truth is most people do need a plan. Without a plan, there is no protection in place for the future. Take a look at the following 6 reasons why most people do need a plan. If you have any questions, or if you’re ready to create your estate plan, contact an estate planning attorney.
- An estate plan is needed to protect family members and children. With a plan in place, individuals are able to have control over their future. This includes having a plan in place so that family members are always cared for. Many people choose to leaves assets behind for their loved ones, purchase life insurance to help pay for daily expenses, and choose a guardian for their minor children. These are just some of the ways in which you can protect your family members.
- With estate planning, it’s possible to determine how assets will be distributed. Many people want to have control over how their property will be divided after their death. If you don’t want your state laws to determine this important detail, then you need to take the time to create a plan. This gives you full control over your property and allows you to determine the inheritances that you leave behind.
- Estate planning makes it possible to plan for possible incapacity. Unfortunately, you never know when an emergency may happen. Without a plan in place, you may not be able to get the help that you need to make decisions. With the right planning tools, you can outline important end of life decisions ahead of time, and can appoint trusted helpers to assist you with your financial and medical needs.
Take a look at our next blog post (part 2 of 2), to learn 3 more reasons you need an estate plan. If you have any questions about the need for planning, or if you’d like to begin your estate planning affairs, consult with a qualified estate planning attorney.
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