We always talk about what an estate plan is and what needs to be in an estate plan. More importantly, we have explained time after time why it’s so important to have an estate plan in place. So once again, let’s go over why it’s so important to have one and why building that plan now is the best time.
- You never know what might happen
This, unfortunately, has to be stressed. You never know what might happen. Lives are lost every day. It could be to something expected like a terminal illness or something sudden, like a vehicular accident. However, an estate plan isn’t just made in advancement of death. It can be created as a plan in case an individual becomes incapacitated, or no longer has cognitive abilities to make critical life decisions or manage finances.
- Whose Assets Are They Anyway?
When an individual dies without a will (a staple in any basic or comprehensive estate plan), the assets which they possessed are passed on to beneficiaries according to the statutes of intestacy. The statutes of intestacy must be followed by the probate court. With a will, however, individuals can control how assets are distributed. That way, if there’s someone you don’t want to receive assets, you can cut them out, with certain limitations of course. The probate court must follow a properly executed will.
- Avoid the drama
When someone passes away, the last thing they would want to happen is a familial fight or conflict to occur. We’ve seen fights happen over who serves as guardian to a minor or a dispute over property, such as a house or vehicles.
These are just some of the many reasons as to why having an estate plan is a good idea, regardless of age. The Probate Pro provides estate planning services to help you and your loved ones at any time in life. If you need to plan an estate, basic or comprehensive, give The Probate Pro a call today at (877) YOUR-FIRM.