If you have yet to create an estate plan, it’s important to realize the importance of having a plan in place. There are many benefits to planning, and you’re able to accomplish a number of goals. Not planning will leave you and your family unprepared. Take a look at the following information, to understand the 8 reasons it’s time to create a plan. If you have any questions, or if you’d like to review your estate plan, contact an experienced and qualified estate planning attorney.
- You want to control asset distribution. If you want to have control over how your assets are distributed to beneficiaries, then you must create a plan. Without a plan in place, your state laws will decide this for you. This means that the wrong people may be given your assets.
- You want to protect your children. If you have children, you need to make sure that they’re always loved and cared for. With the use of a plan, you can appoint a guardian for their care. If you choose not to plan, the court can appoint a guardian on your behalf. Make sure that you’re making this important choice, not the court.
- You want to have control over your future. With a plan in place and proper asset ownership, there are no surprises. If you want to have full control over your future affairs, then you need to have a plan in place. .
- You want to provide your family with financial security. If you have a family who you support, you need to consider their finances without you. What would happen if you were to die tomorrow? With the right planning tools, you can ensure that they’re always cared for and protected.
Take a look at our next blog post (Part 2 of 2), to learn more 4 reasons why you should consider planning now. If you have any questions, or if you’d like to create an estate plan, consult with an experienced and qualified estate planning attorney.
Timothy P. Murphy is an estate planning and elder law attorney whose practice emphasizes helping people to build, preserve and pass on their wealth. He works with his clients to accomplish their goals while avoiding unnecessary court proceedings and minimizing or eliminating exposure to death taxes.
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