What is Estate Planning?
First we need to understand that we have an estate. Now we all have an estate whether it’s large medium or small. You’re estate is comprised of what you have, your house, your money your investments, your life insurance policies,or your personal belongings. So we all have an estate and no matter what that is comprised of its important to us.
We all understand that we are going to die but none of us really want to admit it, or want to think that it is going to happen. We block it out and push it to the side. When we are fearful of something we will go to great lengths to avoid facing that fear or addressing what needs to be done. We put off estate planning because we think we don’t have enough, we are not old enough, we’re too busy, or we have plenty of time to do it. Then the inevitable happens, and we have now left it to our families to pick up the pieces.
Why should you do an estate plan?
If you don’t the State will tell you who is going to manage your affairs and who is going to get your belongings. Many times without an estate plan people who you do not want to get your belongings will end up with them. Also without an estate plan your beneficiaries may believe that they deserve more than others which sets up a dispute in your estate, which costs your state large sums of money in litigation costs. Without in estate plan you may be subjecting your estate to additional costs which could be saved and passed on to your beneficiaries. Given the choice, and you do have the choice, wouldn’t you prefer these matters be handled privately by your family, not by the courts, wouldn’t you prefer to keep control of who receives what and when ,and if you have young children wouldn’t you prefer to make sure they’re protected. With a proper estate plan you can avoid probate, reduce taxes, maintain family harmony, organize your affairs, and have peace of mind that your family is protected.