While most people assume estate plans are only for the elderly or extremely wealthy, everyone can benefit from creating this legal document. Not only does it offer specific instructions for how a person would like to be treated medically, but it allows someone to control how they would like their assets distributed after they pass away.
Here are 4 key benefits of creating an estate plan:
1. Provisions for Your Family
Without an estate plan, your assets will go through a probate court before being distributed to your surviving family members. In probate, finances and other assets may be subject to disbursement among creditors or other corporate entities you may owe money to. An estate plan ensures your property and finances are distributed exactly as you would like them to be and, in some cases, avoids probate altogether.
2. Provisions for Your Minor Children
If both parents pass away without an estate plan, the fate of any minor children belonging to the parents will be decided by the court system. This means the children will either go to a family member or foster care depending on the circumstances and the options available. An estate plan allows you to name a legal guardian for your children. This person can be anyone you feel would be the best fit to care for your children until they reach legal adulthood.
3. Provisions for Crucial Health Decisions
If something happens to you that leaves you mentally and/or physically incapacitated, decisions concerning how health care professionals should proceed with your care could end up with your loved ones. Family members may not make decisions in line with your wishes. An estate plan allows you to layout specific instructions for how you would like to move forward with surgeries or life support so your family members don't have to.
4. Provisions for Charities
An estate plan allows you to set a certain amount of money aside for your favorite charitable organizations. Which organizations you choose and the amount of money you would like to leave for them are entirely up to you.
Helping Our Clients Create Solid Estate Plans
Depending on your situation, there are a few estate planning documents you could create. Our estate planning attorneys can help you choose which plans best fit your lifestyle and guide you to create the most effective documents to secure the future for your loved ones.