Valid Reasons To Start Writing Your Estate Plan
Imagining a time when you aren’t here any longer here with cherished friends and family can be weird and stressful, to say the least. However, if you can keep in mind the benefits, writing an estate plan may not seem so bad of a task after all. How do you want your legacy to be left behind? Do you want the government to have a say in how your estate is distributed or handled? Probably not. So here are just a few reasons why most people seriously consider drafting their first estate plan documents:
Probate is a process of validating someone’s will after they pass on, placing a value on assets, paying final taxes/bills, and distributing what’s left to beneficiaries. Avoiding probate is a frequent reason why people get help from an estate planning lawyer. Many haven’t ever dealt with probate, but still know that they want to avoid it as much as they can. Probate can be expensive and lengthy, leaving beneficiaries without their inheritance for longer than needed.
Many people are motivated to write their estate plan because they want to protect their beneficiaries, whether they be minors or adults who have shown to make bad choices, be influenced by others, have credit problems, or are divorcing a spouse. If the beneficiary is a minor person, then most states require that a conservator or guardian is appointed to oversee their needs and finances until the legal age.
Asset protection is a common reason people establish an estate pan. If you suspect that a lawsuit could be approaching, it’s never too late to create a plan that safeguards your assets. You must start with a grounded financial plan and then add to that a comprehensive estate plan that protects assets, for your advantage now and beneficiaries later on.
Contact an estate planning lawyer Des Moines, IA from The Law Group of Iowa today for further insight into all things estate planning.