Sure, many people devote much time and resources to finding the right car to purchase, planning vacations, or even browsing different classy hotels for dinner and rarely think of estate planning. Typically, estate planning involves deciding the specific heirs who will inherit each of your assets in the unfortunate event of your death. It’s not fun talking about your death right now, but unless you create an estate plan, you will be unable to choose who inherits everything you have been working so hard for.
According to financial and legal experts, estate planning is not a thing for wealthy people only. Unless you have an acceptable plan, it will be very challenging and costly for your loved ones to settle your affairs after you are gone. Even if you have a huge IRA, expensive property, valuable art to pass to your heirs, and other valuable assets, you need to specify who will get what, and who will execute your will in case you die or get incapacitated.
Are you convinced why it is essential to consult with a San Antonio Estate planning attorney and begin creating a will? Here are other reasons you need to create an accurate, reliable estate plan.
1. Make sure your preferred beneficiaries inherit your assets
Gone are the days when an estate plan was associated with only high net worth people. Currently, rich people, middle-class households, and even those with just a few assets need to plan what will happen to their homes and other assets if something happens to you (the family breadwinner). Thus, you don’t need to be the wealthiest person in your state to do well in real estate or the stock market, and these are some of the valuable assets you may want to pass to your loved ones.
2. Protect your loved ones from lengthy and costly legal processes
No one wants to die young. If you have a young family, that doesn’t mean you will live forever, and it’s time to get ready for the unimagined situations – your death. This is where one of the components of a will, estate plan, kicks in.
If you want your young kids to be cared for in a way that you prefer, it is recommended to name the right guardians in case you and your spouse die before the kids’ 18th birthdays. Without such clear instructions, the court will step in not to determine who will inherit your precious home, but who to raise your kids.
3. Prevent family conflicts
You must have heard of the horror stories of people fighting for assets after their parent dies. Some siblings still think they deserve more than the other or someone thinks they are the best fit when it comes to managing finances. Such squabbles can get ugly and become lengthy, expensive court issues. One way to prevent such issues is by having a carefully draw estate plan.
If you want to protect your assets, ensure that the right heirs get what you allocate to them, and prevent instances of property division conflicts when you die, create an estate plan.