Having a sound estate plan in place is an empowerment to make your own choice about your future while also securing the future of your loved ones. You would never want to be among those who pass away without adequate planning, and then their assets end up tied in costly legal battles.
Whether you have high-value or smaller assets, an estate plan is equally significant for you. Here are 3 of the most valuable reasons why you should meet an estate planning attorney and create an estate plan if you don’t already have one in place.
- Locate Your Assets
You might have your assets in different forms such as:
- Retirement accounts
- Life insurance policies
- Brokerage accounts
- Bank accounts
It is imperative for you to consider the financial status of your loved ones and distribute the assets accordingly. Above all, it is crucial to consult an experienced law attorney to create a customized estate plan to put you and your loved ones in the best position possible.
- Avoid Probate
Probate is a costly and painful process. Anyone who has ever experienced it would agree with me. Hence, you must avoid it at all costs.
This is where an experienced law attorney can play its part. All you need to do is avoid the probate before it even becomes a factor. Trusts can allow you to transfer assets to your heirs without facing probate.
- Mental Incapacity
If you consider yourself mentally incapable of making the right financial and medical decisions, a comprehensive estate plan can be your refuge. You can appoint decision-makers for you to make financial and medical decisions, maintain your property and pay your bills.
If you have made up your mind to create an estate plan, contact us right away. Out experienced law attorney would be pleased to provide you with assistance.