Estate planning can meet a wide variety of needs. However, many people don’t feel that an estate plan is a necessity for them. Or, they may think about putting it off until “later.” Sometimes, later doesn’t come until it’s too late. Here are some reasons you may stand to benefit from an estate plan and how you can begin the process of ensuring that your family is protected in the event of your death or incapacitation.
You Have Significant Assets
If you inherited a great deal of money or built significant assets throughout your lifetime, it’s natural to want to be sure those assets will be protected and passed down to your beneficiaries according to your wishes. An estate plan helps you allocate your assets as you desire. This is particularly important for individuals with a large amount of liquid and/or physical assets.
You Need to Ensure Your Family Will Be Protected
If you are the primary wage earner, your passing puts a significant financial burden on your spouse and dependents. An estate plan helps you allocate your assets to them to avoid probate and reduces estate taxes. This way, your loved ones get the majority of your assets when you pass away.
You Have a High Likelihood of Becoming Incapacitated at Some Point In Your Life
If you have an illness or a disease that has a higher probability to leave you incapacitated in the future than the average person, it’s very important for you to have an estate plan. Your estate plan would also need to include power of attorney and a medical proxy. If you do become incapacitated, you want to make sure that the individuals who are handling your assets and who are making medical decisions for you are people who you trust.
When to Contact an Estate Planning Attorney
It’s never too soon to contact an estate planning attorney to discuss your legal options. While few people want to dig in and figure out what they want to happen to their estate after their death, it’s necessary for those who have a great deal of assets or specific wishes they would like honored.
Contact the Williamson Law Firm today to learn more about estate planning and how we can help. Call now for a consultation at 850.685.3091.
