Far too many people pass away without any type of estate plan in place. They do not even draft a will. This can happen to famous, wealthy people — the very people you would think would be most conscious of the need for a plan — and to those with far fewer assets.
For all income levels and estate sizes, a plan is necessary. Below are six of the major benefits of finally sitting down and getting your estate plan in order:
- An estate plan can help you avoid tax mistakes and reduce the tax burden on your heirs.
- An estate plan can help your family save both time and money after you pass away.
- An estate plan can keep your heirs from fighting over your inheritance or taking their disputes to court.
- An estate plan can establish guardians for any children who are minors; this is why it is important for even young parents to have a plan, regardless of the amount of assets they control.
- An estate plan can ensure that the government does not decide what is going to happen with your money and your assets.
- An estate plan gives you unique ways to control those assets after death. For instance, you can set up a trust to dictate when your heirs get the assets or what the money can be used for.
These are just six examples, but odds are you can relate to more than one of them. Estate planning is important. Make sure you know what legal options you have, no matter how long you think it will be before your family needs that plan.