Someone you know and care about is reaching the end of his or her days. That someone informs you that they have so many assets in their estate to give away – yet they don’t have their estate planned at all. Some people may look for an estate planning attorney right away. Others however, may choose to put together an estate plan on their own. While it’s possible to do that, it’s a route that’s ill-advised.
Darren Findling of The Probate Pro explains:
For many people, the thought of creating an estate plan routinely gets pushed to the bottom of the pile. We understand that it can be intimidating!
The two most common reasons people avoid are:
- Some assume that estate plans are only for the wealthy.
- Others may simply want to avoid thinking about death and the difficult topics involving family.
So why plan?
- The Probate Pro recommends setting up an estate plan, especially if you want to minimize probate costs, protect your privacy, and find ways to save on taxes.
- An estate plan helps you control the disposition of your assets upon your passing, ensuring that assets flow to your heirs according to your wishes.
- Your estate plan does more than distribute your financial assets; it also provides guidance for your loved ones regarding your preferences for end-of-life medical decisions.
Your Last Will and Testament is a critical piece of your estate plan. This important document serves two primary and distinct purposes. It dictates who will receive your assets after your death. If you have minor children, it also designates who will be their guardian. You’ll also need to designate an personal representative—the person who will oversee the management of your estate and will carry out the instructions of your will.