If you’ve been putting off your estate plan, you’re leaving yourself unprepared and unprotected. Many people put off planning because of anxieties, other commitments, or because they feel there is no need for planning. However, estate planning is extremely important; just look and see…
Without an estate plan, your assets will be distributed to beneficiaries based on your state laws. This may mean that your assets are given to the wrong people. If you want to control who receives your assets after your death, an estate plan is necessary.
No plan means that you’re unable to appoint a guardian for the care of your children. Instead, the court will determine who raises your children if you can’t.
Without a plan in place, you won’t be prepared for medical emergencies. This means that you will not have a loved one assisting you and helping to make important medical decisions on your behalf. You’re loved ones will also not have the access they need to handle your financial affairs on your behalf. No access and no authority mean that court will intervene.
Without a plan, your family may be left to struggle to pay for everyday expenses and past debts. With a plan, you’re able to purchase life insurance coverage so that your family doesn’t struggle to find a way to replace your income.
If you choose not to plan, you will have no control over the future. This includes being unable to plan for long term care costs, not having the option to appoint loved ones to help you with your estate affairs, and having no say in how your funeral arrangements are handled.
Now is the time to create your estate plan. If you have any questions, or if you’d like to begin creating your estate plan, consult with a qualified estate planning attorney.