You’ve probably heard of a Will before. You probably know exactly what it does. You might even think you know who it is for – people with something significant to leave behind. It is a common misconception that Wills are only necessary for people leaving behind large amounts of money to their affluent family. Making an Estate Plan is actually for everyone – and it is about way more than just money.
An Estate Plan dictates what happens after you die to your belongings (your estate) and your money (your assets.) It also includes provisions for several other aspects of your life. No matter if you’re a multimillionaire or a struggling teacher living paycheck to paycheck, making an Estate Plan is in your best interest. Here are 4 reasons why Estate Planning is for everyone, not just the rich and famous:
Decide Where Your Belongings Go.
It’s not all about the money! Making an Estate Plan is the only way to clearly dictate what goes where from your belongings. If you have certain items you want given to certain people for sentimental value, the only way to ensure that is through your Estate Plan.
Choose a Guardian For Your Children.
This is why if you are a parent, making an Estate Plan is essential. You can elect a guardian who will raise your children if something happens to you while they are still minors. You can also make provisions, such as if your first choice is unavailable for any reason. If you want a say in who is raising your children – and you probably do – an Estate Plan is the only way to guarantee that.
Choose Who Handles the Process.
You can also elect an executor, someone who will be in charge of carrying out the wishes in your Estate Plan. This should be someone close to you who is responsible, organized, and can carry the emotional weight of that position with dignity. Someone probably came to mind as you read that – they are who you should be turning to first here.
Stay Out of Probate.
If you die without making an Estate Plan, your estate will go into Probate Court. This is the process by which a Judge in the state you lived in will decide what happens to your estate and assets. This process is long, expensive, and emotionally taxing for your family to go through. If you do leave behind any assets, most of them will be consumed by lawyer fees in Probate. Don’t put your family through it.
Ask For Help From an Estate Planning Lawyer!
Making an Estate Plan is essential for everyone, and you can’t do it alone! Contact Pence Law Firm, P.C. today to get started making a plan to protect your family. We offer customized, professional, and powerful help for anyone just starting their estate journey today.