Estate Planning is Not Just for Parents and Spouses

Estate planning is an important process that can benefit nearly everyone. Unfortunately, it is a common misconception that only those with children or spouses need to take this significant step. Even those without spouses or children should meet with an attorney to discuss creating an estate plan that meets their needs.

4 Reasons to Create an Estate Plan Even If You Do Not Have a Spouse or Children

Why do you need an estate plan if you do not have children or a spouse? The following is an overview:

  1. Estate planning ensures that you create your plan, not the state. If you do not create an estate plan, the state will handle your assets. This is because all states have laws in place that govern what happens to your assets if you die without a will. In many cases, you may not want your assets passed to those designated by the state. If you do not put an estate plan in place, you will have missed your opportunity to make these choices for yourself.
  2. Estate planning protects you now. If you become disabled or incapacitated, having an estate plan in place allows you to appoint the person you want to be in charge of overseeing your affairs. This includes making important decisions such as where you should be cared for and what should be done with your assets. Without an estate plan in place, your loved ones may have to go to court for guidance.
  3. Estate planning involves more than just creating a will. Your attorney will also assist you in creating documents that govern your financial and medical affairs. Without an estate plan in place, you may miss the opportunity to express your wishes with regard to your health care decisions in the event you are incapacitated.
  4. Estate planning helps prevent assets from being eaten by court costs. For example, if you do not take steps to ensure that your assets pass without requiring court oversight, your loved ones will have to conduct a probate administration. This can be a costly process. Similarly, if you have a large estate, proper planning is necessary to minimize taxes.

In order to understand the type of estate plan you need, it is important to seek the guidance of an experienced attorney. That is where we come in. We have helped countless clients create the estate plan that is right for their needs. We encourage you to check out the positive feedback on our client testimonials page today to learn more.