23 Sep 4 Reasons Estate Planning Is So Important
1. Without an estate plan, you are costing your family money and adding more stress.
When you don’t have your estate documents in order, the state gets to determine what happens. This creates confusion and also leads to more time spent on dealing with a loved ones estate. In addition, the attorney costs and court costs are usually more expensive when you don’t have an estate plan. It also can lead to more fighting within your family because often times, it leads to he said/she said situations, especially as it relates to sentimental items.
Your family is already going to be stressed and grieving after you pass. Not having an estate plan only exacerbates the situation.
2. You get to decide what happens to you and your wealth.
You worked your entire life to get what you have. Having an estate plan allows you to decide how your assets are distributed and what happens to you if various unforeseen circumstances occur. If you don’t have an estate plan, the government gets to decide what happens to your assets.
3. You can provide more support to those that need it.
Not all of your heirs may be good with money or paperwork. In your estate plan, you can decide who does what. For instance, you can create a trust that governs how much a person is able to get each year. This is to protect those who are bad with money. Often times, if a person gets a large lump sum and is not good with money, they will end up blowing through it in a very short period of time. Your estate plan also allows you to assign who is going to be responsible to make sure your wishes are done. In addition, you get to pick who steps in to make decisions about your finances/health if you are not in a position to make those decisions.
4. It’s not as complicated as you think.
You can have your estate plan completed in 1 hour. That is all it takes to get the information, review the documents and get everything signed. Most people procrastinate because it seems like a huge undertaking but when you work with an experienced attorney, it’s easy. Step is to fill out a few pages of paperwork. Step 2 is to talk with the attorney to go over questions and help you customize your plan to fit your needs. Step 3 is to review the drafts the attorney sends you. Step 4 is to sign the final documents. All of that combined, will take you no more than an hour.
If you want to discuss your financial situation in more detail you can call 469-607-8552 and set up your free financial strategy session (30 minutes). Also, if you decide to hire my law firm and mention this letter, you will receive a 10% discount on your fees.