6 Reasons to Plan Your Estate

As a law firm who specializes in estate planning, of course we believe having your affairs in order is of the utmost importance. Here, we’ve outlined six reasons you should have an estate plan in place. We’ve also provided six things that will happen if you fail to plan.

With a Plan

  1. You decide who receives your probate assets and non-probate assets.
  2. You decide how and when your beneficiaries will receive their inheritance.
  3. You decide who will manage your estate by appointing your executor.
  4. You can plan now to reduce federal estate taxes, state inheritance taxes, and administration expenses.
  5. You select the guardian(s) to raise your children and manage your assets until they attain specified ages under the terms of your will, which can include trust provisions for your family.
  6. You can provide for the orderly continuance or sale of a family business.

Without a Plan

  1. State laws of intestacy determine who inherits all of your assets, regardless of their age or experience.
  2. State law controls when your heirs receive all assets. Your children could be given complete control too soon.
  3. The probate court appoints an administrator to manage and distribute your estate.
  4. Expenses are higher due to increased legal proceedings and fewer opportunities to save federal estate taxes and state inheritance taxes.
  5. The probate court appoints a guardian to raise your children and manage your assets until they attain age 18, at which time an outright distribution to them is required by state law.
  6. Financial loss and family hardships often result upon the death of a business owner, from an untimely forced sale or liquidation.

Written by Legacy Planning Law Group

Legacy Planning Law Group is dedicated to working with individuals and families to help protect the assets they have built throughout their life, and make everything simpler for families who have lost a loved one. We help thoughtful people achieve the peace of mind that comes with planning their personal legacy and passing on family harmony.