Why you should create your estate plan now!
If you do not have an estate plan, in writing, what happens to your estate? Your state laws will dictate what happens to your assets. This may not align with your wishes or intentions and your heirs will be left at the mercy of the court system. Having an estate plan allows you to specify who inherits your property, appoint guardian(s) for your minor child(ren), and even outline your financial and medical desires in case you become incapacitated.
Here are four reason you should create your estate plan sooner, rather than later:
- If you have specific wishes regarding your estate and how it is distributed, an estate plan ensures they are followed.
- It can help reduce taxes and legal fees providing more of your assets to your heirs.
- It will minimize the stress and confusion your family might face during an already difficult time.
- It provides peace of mind knowing that your affairs are in order and your legacy is secure.
Estate planning doesn’t have to be expensive, but you should consult with your chosen estate planning attorney to make sure that your estate plan documents meet the requirements set by the state you live in.