WHY DO YOU NEED AN ESTATE PLAN?
Most of the time, estate planning isn’t a priority until people hit retirement or a certain income level. However, everyone can benefit from establishing an estate plan early in life, especially if you are the head of household or have a family depending on your paycheck.
Ensure your wishes are carried out
One of the main aspects of an estate pan is your will, which is where you leave instructions for after you die. This includes who receives what out of your available assets, who will take guardianship of your children, who will provide for any pets you may have, and more. Your estate plan can even outline how you hope to pass on aspects of your life such as religion, education, and other values.
Protect your family
When you don’t have an estate plan, your family will be forced to jump through quite a few government hoops in order to distribute your assets. An estate plan can minimize taxes and expenses
Whether you’re providing financial security, planning for your final memorial or burial services, supporting a cause you care about, or passing on traditions and values, an estate plan helps you leave behind a legacy for your family to hold onto. Planning ahead and keeping your will and other legal documents up-to-date will ensure that your family and loved ones are well taken care of, no matter what.
How to create a well-rounded estate plan
Creating an estate plan may feel uncomfortable – death is a delicate topic, after all – but having one in place will ensure your assets are properly distributed and lessen any tax burdens for your chosen beneficiaries, which can be your children, charities, or other entities. Common misconception indicates estate planning is only for the wealthy, but an estate covers a lot more than your finances.
REF: Bankrate.com, Leaving a Legacy: Why everyone needs an estate plan
Kindly visit our Estate Planning with Wills or Estate Planning websites or contact one of our Estate Attorneys, Philadelphia or Estate Planning Attorneys, Philadelphia for more information on this topic.