Can you risk living without an estate plan? Top 7 reasons to have an estate plan prepared by a legal professional.
- Children – If you pass away while your children are still young an estate plan can allow you to name a guardian for your children so you have the peace of knowing they will be well taken care of with someone you trust.
- Avoiding Probate – Probate can be long and expensive. Planning now with legal direction can help you avoid probate entirely.
- Retirement Accounts – With a plan, you can chose your beneficiary and avoid difficult tax consequences for those you leave behind.
- Your Will for your Assets – Did you know that if you have a child who becomes divorced, half of your child’s inheritance could end up with the divorced spouse? An estate plan can help you avoid these kinds of difficult circumstances.
- Financial Security – Your loved ones may not be able to enjoy the same standard of living without a plan that includes life insurance.
- Business Ownership – Don’t lose everything you’ve worked for over the years after you are gone. Be sure your business ends up in the hands of those you love and trust with your legacy.
- Special Needs – Without a plan, a child with special needs risks being disqualified from Medicaid or SSI benefits, and may have to use his or her inheritance to pay for care. With a plan, you can set up a Supplemental Needs Trust that will allow the child to remain eligible for government benefits while using the trust to pay for expenses not covered.