Early Estate Planning: Why It Makes Sense

You probably do not have much left in your bank after paying all bills every month. Thus, you may think that estate planning is not important. A lot of people think that it’s only for those who own many assets. However, there are many reasons why all adults must have a detailed plan in place and why they need an Estate Planning Attorney. Here’s why you should start with estate planning today:

Protect Yourself 

Estate planning protects your loved ones when you die. But a comprehensive estate plan also protects your best interests when incapacitation occurs. It lets you appoint somebody you trust to make medical care and financial decisions for you. These are possible through healthcare and financial powers of attorney. 

Prevent Family Conflicts

Your estate plan will outline who must handle your estate when you become incapacitated or pass away. Also, the plan will lay out who should get your assets and you must make decisions for yourself. With such documents in place, you prevent your loved ones from having conflicts. A lot of people create an estate plan just to protect their surviving loved ones from disagreements over funeral decisions and inheritance. 

Keep Your Assets Out of the Probate Process

No matter the worth of your assets, keeping them out of the probate process maximizes their value for your beneficiaries. Some estate planning tools such as living trusts let your beneficiaries avoid probate. The probate process can be lengthy and costly, which lowers your estate’s value. 

Reduce Expenses

The absence of a will or other estate planning documents means your estate will lose value to probate. Also, your family will pay taxes on the assets they inherit if you don’t plan for these expenses. Planning allows you to structure your assets to reduce expenses such as taxes. 

Provide for the Needs of Your Kids

You must prioritize estate planning if you have kids. No matter the amount of assets you can leave behind, think about how they will be distributed when you die. You can make a guardian for your minor children in your will. Without such documentation, a probate court must decide guardianship for you. Estate planning makes sure your children are well provided for even if you are no longer around for them. 

If you have decided to start planning for your estate, contact an attorney as soon as possible. A great attorney will devise solutions tailored to goals and assets.  

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