The importance of estate planning cannot be understated. Estate planning is very important! While we do not want to think about passing away or becoming incapacitated, estate planning is more than that. Without your estate plan, you do not get to choose who gets everything you have worked so hard for.
Direct Your Assets
The wealthy are not the only ones with assets – middle-class families often do, too. Assets include a home, a retirement account, and possibly even insurance policies. If you do not direct who is to receive your property when you pass, the state will decide. This means you will have no control over it. It may go to your spouse, children, parents, or siblings. Who gets what will not depend on your directions. It will depend on the laws of your state. Not only that, but relying on the courts to decide can be expensive. It is often less expensive (and time-consuming) for your heirs if you had a will or trust.
Protect Your Children
An estate plan can also protect your minor children. If you have children, you will want to appoint a guardian to take care of your children if both of their parents die before they turn 18. If you do not take that step, again, the court will decide for you. The court may appoint someone other than who you would choose, and may even appoint someone you really don’t want. Unfortunately, there is no way for the court to know your wishes. Unless, of course, you had an estate plan.
Limit Family Fighting
Having an estate plan can also eliminate stressful family fights. When you draft your estate plan, you’ll be able to choose who is in control of what. This includes who is in control of medical and financial decisions if you become incapacitated. You’re also able to appoint a pre-need guardian to care for you, should you become incapacitated and need one. Without the appointment of one, again, the court steps in and makes that decision.
Convinced of the Importance of Estate Planning?
If you understand the importance of estate planning, contact a local attorney today to begin the process. At Wildoner Law, PLLC, we use technology to provide top-notch service and help you every step of the way.