Estate planning is one of the most important aspects of life that many people tend to overlook. Reasons for overlooking this issue include people believing they won't need an estate plan until later in life, that they don't have enough assets, that nothing will happen to them at a young age and more. Here are the top reasons why estate planning is so important.
One of the most important reasons you should take the time to put together an estate plan is that it will protect your family. An estate plan outlines how you want your money, other assets and property handled after your death. This includes making sure the right people in your family are the recipients of these items.
You will also be able to protect your assets when you create an effective estate plan. This means that your assets will not be subjected to unnecessary taxes, liabilities or lawsuits when they are properly cared for in an estate plan.
Should you have minor children, creating an estate plan now can protect them should you pass away prior to them becoming legal adults. An estate plan can document how you want your children to be cared for should you no longer be able to do it.
If you have a child with special needs, an estate plan can help protect that child, provide them with financial benefits and ensure that they still receive public benefits once you are gone.
If you own real estate, an estate plan is a great way to make sure it is transferred to the right person upon your death. Real estate transfers can be very complex. A proper estate plan can make it simple.
Owning a business is a big reason why you should have an estate plan, which can outline your ideal business succession plan upon your death.
Still waiting to create an estate plan? Contact our firm in Newport Beach, California, to speak with us about your wishes and how you want to plan your estate for the future.