One of the biggest questions surrounding estate planning is, “Do I really need one?” It’s normal to ask this, especially when you start thinking about everything an estate plan could include. If you don’t have a large family or many assets, you may think that an estate plan is unnecessary, but the truth is that it can be beneficial no matter how large your estate is and no matter who you want to leave your estate to.
The key advantage of having an estate plan is that it minimizes the probate process. That means that your family won’t have to struggle with probate if you pass away. They won’t face delays or the loss of privacy that comes with the probate process, either. If you’re interested in giving charitable donations, it’s possible to do so in your estate plan as well.
Who can benefit from an estate plan?
Anyone who will have assets to distribute upon death can benefit from an estate plan. Someone who has children to protect can establish guardianship in an estate plan, too. Estate plans help reduce taxes and can help state your wishes, so your family knows what to do after you pass.
While not everyone may need an estate plan at the moment, it’s important to talk to your attorney about the legal documents that you should put into place to protect yourself, your assets and your beneficiaries in the future.
Our website has more on estate plans and why you may want to put one together. With the right help, it’s easy to set up an estate plan and to protect your estate.