Creating an estate plan sounds like a good idea until it’s time to sit down and take action. It’s at that point that you may find every excuse in the book to put it off. And when that happens, you’re taking an unnecessary risk with your future.
In simple terms, estate planning is every bit as important as it sounds. There’s no denying the fact that this is something you need in your life, both for your personal protection and that of your loved ones.
Here are some of the primary reasons why estate planning is so important:
- You don’t want to die intestate: This means that you’ve passed on without an estate plan. As a result, it’s up to state law to decide what happens to your assets. Your loved ones don’t have any control over this.
- Incapacity planning: There’s more to estate planning than your assets. Incapacity planning is also important, as it allows you to make key decisions today that could affect you in the future. For instance, you can decide who will manage your financial and medical affairs if you’re unable to do so.
- To protect your children: This generally starts with naming a guardian for any children under the age of 18. Also, if you have a child with special needs, you can create a special needs trust to ensure that they’re protected long after you’re gone.
You are not required by law to create an estate plan, but don’t let that stop you. It’s critical that you have an estate plan that protects you and your family now and in the future. Once the right details are in place, you’ll feel better about managing anything that could happen.
If you still have questions about estate planning, including where and how to start, you’re in the right place. Contact us to setup a consultation with an experienced estate planning attorney.