Creating an estate plan can greatly impact your future and the future of your loved ones. And failing to properly plan, may cause your family may suffer.
Take a look at some of the reasons why you and your family need an estate plan. If it makes sense to you, meet with an estate planning attorney.
Your children may not be cared for by the guardian of your choosing.
You likely want to make sure that your children are loved and cared for after your death. It is beneficial to take the time to appoint a responsible, caring, and capable person who will be responsible for caring for your children. Without a plan in place, the wrong person may end up caring for your children.
Your loved ones may not receive your assets as you had originally planned.
Without a proper plan, you will have no say in how certain assets are distributed after your death. If you wish to give loved ones certain assets after your death, it is important that you take the time to create a plan. This will ensure that all of your wishes are followed and that your loved ones inherit your assets as you wish.
Your children may have the wrong person managing their money.
If you have minor children, it is important to make sure that you plan for the management of their assets. You likely will want to make sure that someone is honest and responsible with the money. This will ensure that your children are receiving proper financial and physical care.
Your family members may have to make difficult decisions after your death.
It is a good idea to plan out your funeral arrangements ahead of time. It can be extremely stressful and upsetting if your family members are forced to make difficult decisions regarding your funeral planning during a time of mourning. Having a plan in place will allow your loved ones to grieve and be there for each other during their time of need.
Create an effective estate plan so that your loved ones are protected after your death. If you have any questions about the need for an estate plan, consult with a qualified estate planning attorney.