The Importance of Estate Planning [Infographic]The Importance of Estate Planning [Infographic]
October 25, 2017 • estate planning
What is the Function of an Estate Plan?
It is never too early to begin creating an estate plan. Estate planning is outlining financial plan in advance that states how you would like your assets divided and who you would like to give your wealth to. Estate planning is used for a variety of reasons:
1. You outline how you would like to be cared for if you become incapacitated
2. You can name a guardian for your minor children
3. You can appoint a beneficiary who is in control of dispersing your money
4. You can cut costs (taxes, court fees & legal fees) from the probate process
5. As your financial situation changes, you can make changes any time to your estate plan
Currently in the U.S., 60% of adults do not have an estate plan. Additionally, 78% of millennials (ages 18-36) do not have a will. Although it might seem like a waste a time to organize your assets if you feel like you aren’t financially stable yet, but it is important to have a plan set in place. In the event that something happens to you, you have a plan in place that explicitly tells your loved ones who inherits which assets, who will operate your business moving forward and most importantly, the health care you wish to have if you become disabled.
Estate planning is a responsible preparation that gives you and your family peace of mind knowing that your assets are divided according to your desires.
Why Hire an Estate Planning Lawyer for Help?
Estate planning can be a complex process that requires knowledge of the legal process to ensure nothing is left out or done incorrectly. An experienced lawyer can help educate you on the process in many ways, they can help you evaluate the following:
- Who would you want to appoint as your beneficiary?
- What are you assets and goals?
- The management of your affairs if you become incapacitated
- Giving to charitable foundations that are dear to you
- Pet care after death
- How can changes in the law affect your estate plan?
- Avoiding probate
- Appointing a guardian to your minor children
- Do you need to update beneficiaries on your life insurance policy and investment accounts?
- Drafting a will and testament
- Creating specialized trusts for your loved ones
- How to avoid heavy tax burdens
If you want more information on the process of creating an estate plan, contact estate planning lawyer, Todd A. Zuckerbrod today! (561) 544-8144