Planning for your future can be difficult. It requires making hard decisions. Who will pay your bills if you become disabled? Who will care for your children after you pass away? Who will be the benefactor of your life insurance and estate? Remember, if you don’t make these decisions.
But one decision that shouldn’t be difficult is choosing an estate planning lawyer to guide you through the process.
What Is Estate Planning?
Estate planning is making arrangements for what will happen once you are gone. Not only do you plan out who should get what, but you can also choose who will administer your estate, plan for health care directives, make final arrangements, and protect your business.
Why Should I Plan Now?
According to a recent article in AARP, 60 percent of Americans don’t have either a will or living trust. The top two reasons why many have yet to complete any estate planning is because they either “hadn’t gotten around to it” or “don’t have enough assets to leave anyone.”
But it is important to make these decisions now, if not to protect your own assets, but to protect your loved ones. An estate planning lawyer can help you make a good estate plan. By creating an estate plan, you’re preventing the following from happening:
· Your assets are going to the wrong beneficiaries. For example, let’s say you promised your grandniece that she could have your wedding china after you are gone. However, you never created a will and when you die, the china is sold at auction.
· Your children’s future becomes uncertain. If you have small children, you have to figure out guardianship matters. You may also want to consider setting up a trust for their futures. If a plan is not put in place, the courts will come in and decide for you.
· Your heirs pay too much in taxes. It can be quite expensive if someone dies without a will. There are estate taxes, court fees, and funeral expenses your loved ones will have to deal with. But by planning for the future, you can protect your loved one’s inheritance.
· Your healthcare choices are ignored. We don’t like to think about becoming incapacitated or become too ill to make our own decisions. But by ignoring these directives, you’re leaving these choices to your loved ones. They may think they know what’s best for you but you may not feel the same.
Don’t Let Your Financial Future Crumble Due to an Unexpected Event
The death of a spouse, a bankruptcy, a divorce, or a remarriage—all these are common life events, but the consequences can be disastrous. If these types of changes are not anticipated and planned for, family members can be thrown from comfort to poverty overnight.
Joyous occasions can also affect your future. A new grandson, a second marriage, the creation of a business—you will need to update your estate plan to accommodate these changes as well. An updated estate plan will ensure that your loved ones continue to benefit from your hard work.
Life is uncertain. Do not delay in protecting your estate or business interests. An estate planning lawyers will work with you to protect your family’s inheritance and future.