Why do you need an estate plan?

| Jan 30, 2020 | Estate Planning |

You’ve heard people say that everyone should have an estate plan — but you just don’t see the point. You don’t have a lot of money invested anywhere, nor is there a great deal of cash sitting around your account. You figure that your house will pass to your spouse when you die, along with everything in it and the insurance policies you have will cover everything.

So what’s the point? Consider this:

You don’t want to put your family through additional stress.

Someone has to handle your final bills, funeral costs and other financial issues. Without an estate plan, there’s nobody clearly in charge until a court says there is. This could put a lot of additional stress on your spouse or children while they’re already grieving. 

You don’t want the government to take a cut. 

One of the main reasons to have an estate plan is to keep your assets out of probate. It’s not hard to do, as long as you plan things correctly. You can also significantly minimize the estate taxes or inheritance taxes your heirs face through the use of a trust or something similar — and that will keep the government from taking a cut of your hard-earned assets.

You have a personal legacy to consider.

Even if you really aren’t concerned about your assets, you may have personal items that you want to pass on to certain heirs. For example, you may want your son to have your watches and your daughter to have a box of letters or a ring. The emotional value of such items can be immense — but the intended recipients may never see those items unless you have a will.

You’re protecting your own future.

Estate planning isn’t just about preparing for what happens after you die — it’s also about preparing for what could happen while you’re still alive. Establishing powers of attorney for medical and financial decisions can protect you when you’re unable to make decisions for yourself. 

Don’t leave yourself (or your family) unprotected a moment longer. Find out how you can make your estate plan a reality today.