If you're debating whether you need an estate plan, you should probably err on the side of caution and get one. In fact, everyone -- no matter how wealthy he or she is -- receives important benefits from a finalized estate, not just in the financial arena. An estate plan, for example, allows you to indicate a person who will make financial and health decision on your behalf in the event that you become incapacitated. Furthermore, an estate plan will indicate who takes care of your children if you're no longer able to do so.
If you're still on the fence about estate planning, here are a few questions you might want to ask:
Do you have children?
Every parent should create an estate plan to identify the guardians who will care for their children in the event of an untimely death.
Do you have a large estate?
The larger and more complicated your estate in terms of financial wealth and assets, the more you require an estate plan. Otherwise, family members and potential heirs could fight over their inheritance rights in court, triggering long, costly and entirely unnecessary court battles.
Do you have a business?
Your estate plan can include a method for liquidating and dividing the assets of your business or transferring ownership to certain family members in an organized and cost-effective fashion.
Do you have children from a prior marriage?
You may need to take action to protect the inheritances of your children from a prior marriage with a clear-cut estate planning strategy.
No matter what your financial or life circumstances happen to be, our law firm is available to help you organize your financial and life affairs in an estate plan that protects your final wishes and your family's interests.