 WHY EVERYONE NEEDS AN ESTATE PLAN
Estate planning is by no means reserved for those with sizeable estates. Regardless of your age, income, wealth or family situation, estate planning should not be left for future consideration.
Let's explore some basic reasons why you should plan your estate.
With a Plan
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Without a Plan
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| You control who receives your assets. |
Intestate laws will control who receives your assets. |
| You control the terms under which are the assets are transferred. |
The terms of disposition are controlled by State law. |
| You can choose your personal representative. |
The court chooses your personal representative. |
| You can choose the guardian of your minor children. |
The court will choose the guardian of your minor children. |
You can provide care for those with special needs.
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You will have to rely on the kindness of others to care for those with special needs. |
| You can significantly reduce the cost of administration. |
Costs of administration can be significantly higher. |
| You can minimize the impact of taxes, often eliminating death taxes altogether. |
Taxes can be significantly higher. |
| You can plan for the smooth succession of a closely held business. |
Financial loss can occur from the untimely and forced sale of an interest a closely held business. |
| You can determine who makes financial and legal decisions. |
A Court may have to appoint a guardian to make financial and legal decisions. |
| You determine when to terminate the use of life sustaining treatment. |
A Court may have to determine termination of life sustaining treatment. |
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