5 Reasons You Need an Estate Plan
April 5, 2022
An estate plan is not just for the wealthy. Here are five reasons why you need an estate plan, no matter your age or assets.
Ensure Your Wishes are Carried Out
One reason you need an estate plan is to ensure that your final wishes are carried out. You can use a Will or Trust to express your preferences for how you want your property distributed and who should care for your minor children.
Avoid Probate
Another reason to have an estate plan is to avoid probate. Probate is the legal process of distributing a person’s property after they die. It can be time-consuming and expensive. By having an estate plan that includes a Trust, you can help your loved ones avoid this process.
Prepare for Potential Incapacitation
Third, an estate plan can help you manage your finances if you become incapacitated. If you become ill or injured and are unable to make financial decisions for yourself, a properly designed estate plan can ensure that your bills are paid and your assets are managed according to your wishes.
Minimize Expenses
Fourth, an estate plan can minimize taxes and expenses. By using certain types of trusts, you can minimize estate taxes and other expenses.
Gain Peace of Mind
Finally, an estate plan can give you peace of mind. Knowing that you have prepared for the future can help you relax and enjoy your life today.
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PARENTING TIP:
Start the Day Off Right. One way to avoid the morning rush is to lay out your child's clothes the night before. You can also help them by packing their backpack with everything they need for the next day. Finally, make sure to set a reasonable bedtime so that your child is well-rested for the next day.