There are many reasons why individuals or couples may not create an estate plan. They may think they’re too young, don’t have enough assets, or come up with other excuses — but that simply shouldn’t be the case. No matter a person’s circumstances, everyone should have an estate plan. Below are the top three reasons why this is the case.
1. Planning For More Than Your Death
An estate plan shouldn’t only include your wishes after you pass. An estate plan should also have details regarding power of attorney. There are different types of powers of attorney including:
- General Power of Attorney — someone who will handle financial matters.
- Specific Power of Attorney — someone who is only allowed to oversee a specific transaction.
- Springing Power of Attorney — this is someone who only acts if a certain event occurs (such as an individual becoming incapacitated).
Having a power of attorney named who can handle matters while you’re still living but unable to make decisions yourself is critical.
2. You May Have More Assets Than You Think
You don’t have to own a large home or expensive cars to have valuable assets. In the eyes of the court, something that may seem invaluable to you currently could be an asset that loved ones fight over after your passing.
If individuals or couples own items such as collections, heirlooms, jewelry, or anything else that they feel could lead to arguments about who should own after you pass, then it’s best to outline who is bequeathed what in an estate plan. This also opens the door for conversations with loved ones so that individuals won’t be surprised to learn what assets they are receiving prior to your passing.
3. Protecting Your Family
Family and friends should have time to grieve after your death — not end up in a courtroom. By having a trust as part of your estate plan, you can have confidence knowing that your wishes will be fulfilled and your loved ones won’t have to go through the costly hassle of probate court.
It Is Easier Than You Think to Get Started
A bonus reason for why you should have an estate plan — getting started is easier than you think. At Guardian Law Group LLP, we’ve helped thousands feel reassured knowing that their affairs were in order and their loved ones were taken care of. Get started on your estate plan by calling our experienced estate planning lawyers — (403) 457-7778.