Many people fail to realize how important it is to create an estate plan. You may be putting your planning off for several reasons, but it is, likely, in your best interest to take the time to plan as soon as possible. Take a look at the following reasons as to why you should starting handling your affairs. If you have any questions, or if you’d like to begin creating your estate plan, contact an experienced and qualified estate planning attorney.
- You want to plan for incapacity. You never know when a medical emergency may occur. With a plan in place, you can protect yourself during incapacity. An incapacity plan will best ensure your wishes will be respected, makes it possible for you to get assistance from your loved ones; and, keeps your medical care and your finances functional.
- You want continued care for a pet. You can use an estate plan to protect your family pet. This will allow you to have a plan in place, so that he or she is always cared for, isn’t let out the back door, and isn’t euthanized. It’s important to plan so that your pet receives the care and love that he or she deserves.
- You want to avoid probate. Probate is the court process of settling an estate; probate costs a lot of money, takes a long time, and is public. If you’re looking to avoid probate, then you need to use the correct estate planning tools and proper asset ownership. This will also make it possible for your loved ones to receive their inheritances more quickly.
- You want to provide for a loved one with special needs. If you have a family member or friend with special needs, you will need to use special planning techniques. This will allow you to leave assets for the care of your loved one, without ruining his or her chances of receiving governmental assistance.
If you have yet to create an estate plan, now is the time to do so. Make sure that you and your family are always protected. If you have any questions, or if you’d like to create your 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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