There are many misconceptions that surround estate planning, including how important the process is for a person and their loved ones. In addition to the necessity of proper estate planning, many people fail to realize that it’s not only those of higher financial status.
Estate planning is vitally important for everyone, no matter how many assets they have access to. Even if a person does not own multiple properties, cars or other tangible assets, estate planning ensures that their loved ones get the things that the decedent wanted them to have upon their passing.
The primary purpose of estate planning is to protect a person’s loved ones. Having an estate plan gives them control over who gets what when they’re gone instead of a court that has no attachment to the family.
Estate planning can also go a long way in protecting any young children a person may have. While estate planning early in life can seem like a morbid task, failure to do so could allow the court to decide who becomes the children’s guardian in the tragic event of the death of both parents.
Finally, estate planning helps prevent two issues that could possibly arise: tax implications and family infighting. Individuals can reduce the tax implications of their estate by proper estate planning, and having everything written in a legally binding plan helps put any potential fights among heirs to rest.
The process of probate administration can be both time consuming and expensive, especially if a person does not leave a thorough estate plan behind when they go. Completion of this task can be more about protecting loved ones from undue stress than anything else.
An estate planning attorney may sit down with a client and ask that they provide a list of all of their assets and any heirs that they want to include in the plan. At that point, the attorney and client may work together to ensure that everything is taken care of.