No one is required to have an estate plan but everyone needs one. We often hear people say “I’m not worried about what will happen when I die because it will not be my problem.” You may not be around, but we can think of at least three reasons you should work with an attorney to create a unique estate plan.
Reason 1: Your Loves Ones
It is hard enough to grieve the loss of a loved one; having to deal with legal entanglements and paperwork while grieving adds insult to injury. Whether you leave behind a spouse, children or siblings, having a will and other estate planning documents in place can relieve them of the burden of making decisions about your health and finances without your guidance.
Beyond having a will, your estate plan can include an advanced directive, power of attorney and other arrangements that leave decisions in the hands of people you trust and provide them with the peace of mind of knowing they are carrying out your wishes as you intended.
Reason 2: Your Causes
Creating an estate plan is a great way to direct assets toward the charitable causes that are close to your heart. You can leave cash or other financial assets to charitable organizations, non-profits and other causes through your will or by creating a charitable trust as part of your estate plan.
Reason 3: The Government
Does a government employee you have never met have the information they need to make decisions about your assets?
“No, of course not!”
Unfortunately, that is exactly who will be in charge of resolving your estate if you die without a will.