Having a solid estate plan in place is crucial for you, your assets, and your family. However, far too many people put off estate planning until a later date, which can end in catastrophe should the unthinkable happen.
The fact is that most people require an estate plan to ensure the proper handling of their assets. Estate plans can also offer significant peace of mind, both to you and your loved ones. Here are a few reasons why you must create a comprehensive plan as soon as possible.
Protection of dependent children
Along with dispersing assets, wills also allow you to name a guardian for any minors in your care. This is extremely important for parents, who want to know for certain that their children will receive proper care even after they are gone. Without a will, the court will decide who receives custody of your children. And while the court aims to make all decisions in the best interest of the child in question, virtually all parents would rather make the decision on their own.
Reduction of conflict between loved ones
Dying without a will can leave your family in turmoil. For instance, your loved ones may argue about your actual wishes and how to carry them out. This can lead to many conflicts as your family attempts to come to an agreement. And if a person chooses to contest the dispersal of assets, it can result in a drawn-out legal battle. With the right plan in place, your family will have a full understanding of your desires regarding your estate.
Greater control over how you disperse assets
Without a will in place, the court will decide how to disperse your assets. In some cases, their process will be in line with the wishes of the decedents. In many others, the court may go against your wishes and follow pertinent laws and regulations. You worked hard for your assets and should be able to provide them in the manner you see fit.
By drafting a solid plan, you can continue to care for your loved ones even after you are gone. You can also rest easy knowing that your family can navigate the process with much less stress and anxiety than if there was no plan in place.
