You Need An Estate Plan

No one knows what the future holds. The value of an estate plan is that you can rest peacefully today, knowing that you have a plan that accommodates the uncertainty of tomorrow. When people say that they don’t have enough assets to warrant an estate plan, they underestimate the potential complications that result from a lack of planning. If something were to happen to you, would your loved ones be able to access your bank account? That is one possible hurdle that professional estate planning attorneys can account for before it becomes an issue. 

The Advantages of Estate Planning

Another common reason people overlook the importance of estate planning is that they have a spouse. Some individuals assume that their assets will simply go to their spouse. But that may not happen automatically, nor may it be the best plan. Since there are many factors to consider, estate planning attorneys can help create a path to ensure that your assets reach the people you intend and at the right time. 

For example, what happens when you have a jointly titled asset? Imagine that you and your brother co-own a home that you rent out. You declare in your will that your son should inherit it because your brother doesn’t live there. Generally, the asset remains with the person who is on the title. It is for this reason that your attorney should also handle asset titling. These elements need to be in place to make an estate plan effective. Your attorney verifies that the titles don’t cause a conflict with your estate planning goals. 

Another Misconception

Although some people believe they don’t have enough assets to warrant an estate plan, others conclude they are too young. We have already discussed that you have more assets than you think. Now, we should tackle the argument that you aren’t old enough. Do you have children? If the worst should happen, who becomes their guardian? Go back to the opening line and think about how we don’t know what the future holds. All of us want to be there for our children. Estate planning allows you to take care of them when you are gone. 

There are numerous ways in which a will can work for you. When you create a will, you can choose a guardian for your children. It is something you and your spouse can discuss. And you can then speak to the potential guardian as well. You can’t know the future, but that doesn’t mean you can’t be prepared for anything. Estate planning is how you achieve this. 

Elder Advisors Law

What happens to our assets when we pass away? You will have that answer after you create an estate plan with the experienced attorneys at Elder Advisors Law. We understand that trusting your lawyer is fundamental for achieving the peace of mind that comes with estate planning—and we will deliver. Contact us today to meet with one of our estate attorneys or join us for one of our upcoming workshops https://elderadvisorslaw.com/workshops/ .

 

The following two tabs change content below.

Elder Advisors Law

As Leaders in Estate Planning and Elder Law, we are passionate about helping families protect their hard-earned assets from the government, nursing homes, lawsuits or other predators.

Latest posts by Elder Advisors Law (see all)

%d bloggers like this: