Failing to plan is often another way of planning to fail.
In other words, we all have an estate plan in place…in one way or another. Either you have planned the care for your children and assets according to your interests, or you have left it up to someone else.
Simply put, estate planning is a good idea for many reasons.
The following is a brief list of common reasons for completing your plan (will, trust, etc.) sooner, rather than later.
Estate Planning allows you to:
- Designate who will manage your affairs if you become disabled and when you pass away;
- Avoid probate, during your lifetime and once you are gone;
- Minimize the amount of tax payable by your estate at death;
- Protect children from a prior marriage if you pass away first;
- Protect assets inherited by your heirs from lawsuits, divorces and other claims;
- Provide for children who may not be capable or experienced in managing money without giving them a “windfall;”
- Insure that a specific portion of your estate actually gets to grandchildren, charities, churches, etc.;
- Eliminate potential liability associated with joint ownership;
- Protect a portion of your estate if you pass away first and your surviving spouse remarries;
- Assure an education for children/grandchildren, despite what they (or their parents) dream of doing with the inheritance.