Why create an estate plan?
An Estate plan is important because it allows persons with significant wealth to have the final say on what happens to their possessions after they pass away. Not only does it help with physical inheritances but if you have a child under the age of 18 and you die unexpectedly, an estate plan can designate a predetermined guardian who you trust to raise your child instead of allowing the court to decide your child’s fate.
Main Benefits of an Estate Plan
Having an Estate plan in place means that everything has a proper inheritor, preventing petty squabbles over who gets the antique vase or the family business. A good estate planning attorney is recommended to set up and maintain a healthy estate and to help prevent family members from suffering with heavy taxes. As time goes on, an estate plan can be altered to account for changes in family circumstances.
Pain of not having an estate plan
If you die without an estate plan, the courts will step in and decide everything for you. This means that the nice car you’ve been planning on giving the responsible child who just started a family could go to the child who has been known to crash the car every other week. It also means that your family will begin arguing over who should inherit what from you, claiming that they deserve something that the other relatives want.