While most people have heard of making a Will or perhaps even a Trust, they often do not understand the full scope of Estate Planning. Making an Estate Plan is not simply a tool for the rich and powerful to divy up inheritances. It is a process that every adult in the United States should utilize to protect themselves, especially if they have a family.
An Estate Plan is a legal document crafted with a lawyer and an individual that dictates what they want to happen to their estate (all of their belongings and any property they own) and their assets (their money) after they die. While it can come in many forms, the benefits of Estate Planning are consistent. Here is our list of 4 reasons why you should make an Estate Plan today:
Have Your Say
While you may think your estate would automatically be passed along to your family, this is not the case. If there is a specific action you want taken with your estate, you have to specify it in your Estate Plan. This is the only way that you can have a say in what happens to your estate and assets after you pass away. We think you probably want a say.
Avoid Probate
If someone passes away without making an Estate Plan, their estate passes into probate court. This is the process where a court in the state they lived in determines what happens to their estate and assets. This process is lengthy, expensive, and emotionally consuming. It also leaves the final destination of your estate up to a Judge, rather than you. Making an Estate Plan is the best way to help your family avoid probate court.
Protect Your Children
If you have children who are not yet legal adults, you can choose their guardian in your Estate Plan. This is the person who will raise them, should something happen to you (or your spouse.) You can also elect several guardians in case something happens to your first choice. If you are a parent of young children, this is the only way to choose who could end up raising your family.
Make Health Care Decisions
You can use your Estate Plan to make long-term healthcare decisions. You can make provisions for who can make decisions for you if you end up incapicatated, as well as who you would like to become your own legal guardian should something unexpected happen.
Get More Information!
Making an Estate Plan is not just about passing along money. It is about protecting your children, your family’s financial future, and yourself. If you are ready to create an Estate Plan, contact Velazquez Consumer Law, LLC today. We provide solutions and shield you from surprises!
Velazquez Consumer Law
