Top 7 Reasons to Have an Estate Plan 1

Can you risk living without an estate plan?  Top 7 reasons to have an estate plan prepared by a legal professional.

1. 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.
2. Avoiding Probate – Probate can be long and expensive.  Planning now with legal direction can help you avoid probate entirely.
3. Retirement Accounts – With a plan, you can chose your beneficiary and avoid difficult tax consequences for those you leave behind.
4. 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.
5. Financial Security – Your loved ones may not be able to enjoy the same standard of living without a plan that includes life insurance.
6. 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.
7. 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.