What terms or symbols come to mind when you think of doing your estate plan? Death! Funeral! Widow! Will! Oftentimes, people relate the term estate plan to their death. In fact, estate planning is very much about planning for when you are alive, and how you will protect yourself and also take care of your family during your life and then after your passing. An estate plan is not a set of documents. You see, the term estate plan has the word PLAN in it. A plan is defined as “the intention or decision about what one is going to do.” By having a plan, you make the decisions what is going to happen!
So, here are 3 main reasons why every adult needs to have an estate plan!
1. You decide what will happen to you and your assets.
If you have no plan, the court system will have to follow the state's rules and appoint a stranger to make medical and financial issues on your behalf or a family member that you would have never wanted to be in charge of you or your money and property. Ask anyone who has deal with a guardianship! When you pass away, the state rules dictate who gets your stuff. Probate is not much fun!
2. You keep control of your assets and protect your family.
With no plan, will your children be taken care if your spouse remarries? Will your surviving spouse lose the inheritance in the second marriage? Will you money be lost in a lawsuit? In setting a plan in place, you can protect your money and everyone you want.
3. You have peace of mind knowing you made it easy for your family to handle your affairs.
With your plan in place, you loved ones make decisions based on the directions you have created. Expenses are minimized and the court system is not involved. Isn't that great! They will love you more considering you thought to plan during and after your life.
If you create a plan it means you are the conductor of your own life versus leaving it up to others or the courts to dictate your life. If you want to put together a plan to stay in control and protect you and your family, attend one of free workshops. We look forward to meeting you!