While most people might know what an Estate Plan is, they probably don’t know why they should have one in place. An Estate Plan is a formal written document for what will happen to your belongings (your estate) and your money (your assets) after you pass away. They are most well known in the form of Wills, but Estate Plans can also include Trusts and less conventional methods.
Estate Plans are essential for everyone, not just those with significant assets to give away after their deaths. Here are 4 reasons why you should have an Estate Plan in place, no matter your financial situation:
Make Sure Your Wishes are Followed. Making an Estate Plan – with a lawyer! – is the only way to guarantee that your wishes will be followed after your death. If there is something in specific you want someone to have after your death, there is no other way to ensure that they will actually receive it. Merely telling them yourself or even writing a letter is not enough to hold up in court. Making an Estate Plan is the only way to legally ensure that you have a say in what happens to your estate!
Lessen Probate Stress. When someone passes away, their estate enters into probate court. Probate is the process by which the state they lived in determines what happens to their estate and assets. If there is no Estate Plan in place, the court will decide by themselves in a lengthy, expensive process. Any assets left behind will be significantly depleted by the end. While your estate will still enter probate, having an Estate Plan ensures that your wishes will be followed. It also serves to reduce the length of probate, as well as the financial and emotional stress on your family.
Choose a Guardian for Your Children. If you have children who are not yet legal adults, making an Estate Plan allows you to select guardians for them in the event that something should happen to you. You can even select several different choices should something stop your first choice from fulfilling the role. If you want a say in who raises your children – and you probably do – then making an Estate Plan is the only way to have your choice.
Make Healthcare Decisions for Later in Life. Making an Estate Plan is not just about protecting your family, but also yourself. You can make healthcare decisions for later in your life should you be unable to make an informed decision in the future for whatever reason. You can make certain choices now, or elect a loved one to be responsible for making them in the future. An Estate Plan is just as much about you as it is about your family.
If you want to protect your children, your family, and even yourself, making an Estate Plan is a necessity. Contact Zamora, Hillman & Villavicencio today to create one that you will be thankful for in the decades to come. We believe in helping you navigate uncharted waters. That all starts with a call.
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