5 Reasons to have an Estate Plan

 Posted on February 17, 2013 in Beneficiaries

When people begin to think about their families, eventually they think about when they won't be around anymore to protect them.  That desire to provide is evident in all of life's big plans regarding education, jobs, housing, and healthcare.  Having an estate plan can protect your family once you aren't able to.

Before thinking that you don't have enough assets to need an estate plan, consider these 5 reasons to reconsider your decision.

1.  Protecting your Family

With the proper planning, assets can be sheltered from unforeseen circumstances.  A conservator is required to handle assets for minor beneficiaries to look after their best interests; the conservator can be chosen in your plan.  Estate planning can be used as a safeguard for an adult beneficiary from losing their inheritance through mismanagement, bad decisions, or even divorce.

2. Protecting yourself when you can't

An estate plan will review the important issue of picking a trustworthy medical power of attorney.  This person should be able to honor your wishes regardless of how difficult it is.

3. Avoiding Family infighting

Estate planning will allow you to choose who receives your assets rather than someone else.  If heirlooms, money, or property are divided by a will, it is less likely to become a legal issue between family members.  Costly legal battles over contested estates will also take a toll on whatever is left to heirs.

4. Reducing Estate Tax

Another way that an estate can be reduced is by estate taxes, which are on a state and federal level.  An attorney can help set up basic trusts which can reduce or even eliminate taxes.  If you truly want to protect your family in case of any emergency, it is essential to have an estate plan.

5.  Leaving a legacy

In some cases, people will decide to donate their assets to a charity or greater cause.  Assets transferred to causes necessitate a will or other document, which is not the case for transfers to family.  If you have decided that setting up an estate plan is right for you, then you need the assistance of a legal professional.  Contact an experienced estate planning attorney in DuPage County today to protect your family's future.