When asked about the unexpected, the majority of people’s primary concerns are as follows: “Who will provide for my family”; “What will happen to my minor children”. All too often, the buck stops at these questions. The benefits of Estate Planning can be easily explained and understood to all. Estate Planning is not the daunting complicated task that most perceive, resulting in the choice to ignore. Here are 5 common sense reasons why you should put an Estate Plan in place today:
Protect Your Minor Children or Dependents. A comprehensive Estate Plan enables you to at minimum nominate a guardian for your children. Without making provision for your children’s care, your children could be placed in the care of the State for a period of time, until it is decided who, out of your surviving relatives will look after them. (The latter often results in a long drawn out, expensive custody battle.)
Preserve Your Family’s Financial Privacy. Once a will has been submitted to the probate courts it becomes a public document, ensuring that whomever would like to inquire about your worth, the distribution of your assets and who will receive your assets, is all easily accessible.
Prevent Family Squabbles. The death of a loved one is an exceptionally emotional time for all the family. Unfortunately, oftentimes when the deceased’s wishes and intent with regards to the distribution of his/her property is not expressed in the form of a coherent Estate Plan, loved ones often fight over assets and/or who is to make decisions regarding the Estate. Oftentimes these squabbles get played out in Court, resulting in unnecessary and avoidable costly legal fees. It doesn't matter that you don’t have a large estate, family members can be left feeling hurt or confused leading to squabbles over trinkets. Avoid this reality by having your wishes and intentions expressed in a comprehensive estate plan.
Prepare for Special Needs. Ensure your piece of mind for your loved one’s survival upon your death. If you have a loved one with special needs, and you do not plan your estate carefully, your loved one may lose valuable public benefits and assets in your estate may be depleted unnecessarily.
Piece of Mind. Last but not least, knowing that your final wishes will be legally effective and properly implemented can be a huge weight off of your shoulders.