Top 10 Reasons Why Everyone Needs an Estate Plan

Estate planning isn’t just for wealthy or elderly people. No matter your age, every adult needs to do some planning for aging and dying. It’s the best way to ensure what you want happens when you’re no longer in control. 

 

Don’t stop at a will. The need for a durable financial power of attorney and a health care power of attorney is just as important. Both make sure your needs are honored if you can’t make decisions for yourself. A serious illness or trauma that prevents you from making your own decisions can strike any of us, any time. You need the peace of mind knowing you’ve already chosen someone you trust to make decisions for you if you cannot speak for yourself. 

 

10 reasons to make estate plans now:

 

1. You get to decide what happens to your property when you die.

2. You give instructions ahead of time for your care and how you want your finances managed when you cannot make those decisions yourself. 

3. You choose a guardian and an inheritance manager for your young children.

4. You can choose insurance that protects your family’s livelihood, such as disability insurance to replace your income when you’re too injured or sick to work; long-term care insurance to help pay for your care in case of an extended illness or injury; and life insurance for when you die.

5. You can avoid potential chaos and conflict among your beneficiaries and family members.

6. You make sure any children or other family members with special needs continue their care without disrupting government benefits.

7. You put protections in place for loved ones who might be irresponsible with money or who may need future safeguards from creditors or ex-spouses.

8. You facilitate the transfer of your business at your retirement, disability, or death.

9. You save more of your legacy by minimizing taxes, court costs, and unnecessary legal fees.

10. You can make changes as your family and financial situations, and relevant laws, change over your lifetime.

 

Everyone needs to do some planning. I recommend you consider making a will or a trust. I would love for you to call me when you’re ready. I’ll be glad to help you outline your plans so you can stay in control of what happens to you and your property down the road.