People often mistakenly believe that estate planning is strictly for the wealthy. However, that is not the case. Estate planning can benefit anyone from all walks of life. Without one, your loved ones will be left to pick up the pieces and go through the probate process to determine how your assets and property will be distributed. An estate plan can also ensure your wishes are respected if you ever become incapacitated. Continue reading to find out why you should consider creating an estate plan.
Reasons Why You Need an Estate Plan
An estate plan can be beneficial for both you and your beneficiaries. The future is unknown, but you can still prepare for it, which can give you and those you love some peace of mind.
Here are some of the benefits of creating an estate plan:
- If you have young children, creating an estate plan can protect them. In your will, you can choose a guardian to care for them. If both of their parents die, you can rest assured your children will be in the care of the guardian you chose for them. Otherwise, the court would step in and make this decision.
- An estate plan can protect your loved ones from a serious tax burden. With an estate plan in place, you can transfer assets to your beneficiaries without subjecting them to a substantial amount of taxes.
- More importantly, your family and other loved ones will not have to fight over your assets and property. The last thing you want is for those you care most about to find themselves embroiled in a highly emotionally charged conflict and an estate plan is the best way to prevent it.
- You can also decide who will make decisions on your behalf if you become incapacitated by including a durable power of attorney and healthcare proxy. All the financial and healthcare decisions you would have made for yourself will be made for you by the person of your choosing.
We can never know what will happen to us in the future, but an effective estate plan can help protect you and your beneficiaries.
Get Started on Creating an Estate Plan with an Experienced Member of Our Legal Team!
Creating an estate plan is important, regardless of how wealthy you are or how healthy you may be. At Simmons & Associates, our legal team understands how essential this step is and will provide the advice you need to create your estate plan.
Reach out to our law office today at (405) 591-2284 to set up a consultation with a member of our team.