You may have heard that a lot of Americans — the majority of them — do not have estate plans. It’s often not that they don’t think it’s important, but just that they think they can do it later. What this really shows, though, is that they don’t fully grasp the importance of that plan. If they did, they would have it in place already.
So, why is estate planning so important? If you’re considering it, what are the main reasons to get it done? Here are a few to consider:
- You want to make sure your heirs actually get your assets. You are trying to protect them and their future. You can do this with an estate plan.
- You may be able to reduce what your estate has to pay in taxes. This means that your heirs get more of what you have earned.
- You can reduce confusion. Leaving a plan behind allows your heirs to know what you wanted and what you expect from them.
- You can reduce the odds of a dispute. Your heirs may argue about what you want if they have no instructions. These arguments can take years, can grow very expensive and can make it so that they never get along like they used to. An estate plan can prevent all of that.
- You can make your own decisions. You get the control. Remember, it’s more than just a will. You can use trusts, advance directives, medical directives and many other options.
It’s true that a lot of people do not have a plan, but now you can see why this is a mistake. Take the time to look into your options. It may help to work with an experienced legal team to get your ideal plan in place.