Estate planning should be a priority.
If we are honest with ourselves, we all know that.
What are your thoughts on estate planning?
If you have not completed your own estate plan, is your excuse that you are not wealthy enough?
You are not alone.
Still, popular viewpoints are not always correct.
According to a recent Investopedia article titled “4 Reasons Estate Planning Is So Important,” ignoring this fundamental personal responsibility could have terrible consequences.
Without estate planning, you will have no say regarding where your assets ultimately pass.
What will happen?
By default, your possessions will be distributed according to the laws of your state of residence.
The process can be long and expensive.
Your children could be left without a guardian.
Do you have minor children?
If yes, you probable want to rear them in a particular way.
You will want to select a guardian for them should you and your spouse die before your children turn 18.
If you do not, you may be leaving this important decision up to the courts.
You may create a tax burden.
You want to leave your affairs as simple as possible for your heirs.
This includes planning for the tax consequences of your estate.
Your goal should be to pass along your assets efficiently and effectively to protect as much as possible from the IRS.
Your estate could be left a mess.
Without a plan to organize your estate, you may cause conflict among your loved ones.
You may incite arguments about responsibilities and wishes.
You should name agents to handle your medical and financial decisions should you become incapacitated, as well as fiduciaries to oversee the administration of your estate upon you death.
Take control now.
Work with an experienced estate planning attorney who to help you navigate the process successfully.
Reference: Investopedia (May 25, 2018) “4 Reasons Estate Planning Is So Important”