“Why you need an estate plan?” This is a common question that we get asked a lot. Below, we talk about everything you need to know about why you need an estate plan. It’s easy to continually put estate planning on the back burner. That’s especially true if you’re young and healthy.
While you may be able to get away with it, it’s a risk you shouldn’t be willing to take. Here are some of the issues that can arise if you don’t have an estate plan:
- Your assets may not end up with the right person: If you don’t have a will, at the very least, your assets are distributed based on state law. This could result in them ending up with the wrong person.
- No incapacity planning: One of the most important aspects of estate planning is deciding what will happen to you in the event of an incapacity. For example, who do you want to manage your personal finances? Who do you want to make medical decisions? Without this component of an estate plan, you never know what could happen at this time.
- No guardian for your children: If you have children under the age of 18, you want to know that they’ll be cared for if you and your spouse pass away. You also want to have a say in who will raise your children. The best way of doing so with confidence is by naming a guardian. This is the person who will step in and assume the parenting role after your passing.
These are the types of risks associated with neglecting to create an estate plan. Despite the time and effort that it takes to create a comprehensive estate plan, it’s well worth it over the long run. It’ll benefit you and your loved ones in many ways.
If you require any assistance, contact our law firm for professional guidance. We’ll make sure that you feel good about the current condition of your estate plan and its ability to meet all your requirements.
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