Top Reasons Why Getting An Estate Plan Is A Must
Top Reasons Why Getting An Estate Plan Is A Must
We never know when our last day will be, so of course, you’ll want to make sure that your assets or properties are well taken care of no matter how little they may be. You may be thinking that this is only for the wealthy who have many properties, but no. There’s no doubt that each item you own has a significant meaning, has a sentimental value, and that you worked extremely hard for them to be in your possession.
Therefore, deciding who’ll inherit them will leave you at peace knowing that your assets would be looked after and would be of great help to those you’ll leave behind. If you happen not to have an estate plan, the state law and probate courts will make the decision. That might not align with your plans or meet your family’s needs.
What is Estate Planning?
Estate planning ensures that all of your assets will be received by the right people. Have you ever thought about who will take care of your kids, or even you, when you become incapacitated? An estate plan will appoint the right people for that role.
Your estate plan is where you leave written documentation of your wishes and how you would like your estate to be distributed. Your estate is everything you own. From your car, house, belongings, financial assets, cash, etc.
Your Family is Protected
When you have an estate plan, you don’t need to worry about how your family will cope up financially after your passing. Having an estate plan will ensure that the family has time to grieve because somebody is already working in the background for you, doing the heavy lifting of any paperwork and legal processes.
To get you started, you can contact trusted estate lawyers in Maryland to know more about the process and their services that suit your needs.
You Have the Final Say Who Will Inherit Your Assets
It would be most concerning if your estate gets distributed to unintended beneficiaries. Being able to name who will inherit the assets will ensure that they get to enjoy what you left behind. If you also have an organization you care for and would like to share your assets with; you can do so by including them in your estate planning.
Opportunity to Choose a Guardian
Ever wonder who is going to take care of your child or you when you get incapacitated? Maybe not. Estate planning can help you with that and know that this is not to be overlooked or dismissed. Keep in mind that child and elder abuse is an alarming matter that is still happening today. As a matter of fact, 9.2 in every 1,000 kids or 162,000 children in the United States of America were abused in 2018.
Conclusion
These reasons are only one of the many reasons why you should get an estate plan. Having your wishes sorted out or planned way ahead of time may be disheartening, but rest assured that it will be worth it. Being prepared is still better than not having to do anything and regretting it.
Estate planning could be complex and delicate, and that’s where reputable estate planning companies like Altman & Associates law firm can be very beneficial. Make sure to conduct proper research on which estate planning firm you’ll entrust your assets with. Check their credentials, testimonials, and everything you’d like to have from an estate planning firm to fulfill your will.