Reasons to Create an Estate Plan

Estate planning is for everyone. Here are some reasons to create an estate plan with an attorney in Simpsonville, SC.

Loss of Ability

Unfortunately, you can't plan everything that will happen to you in life. If you end up having an injury or illness that leaves you incompetent, you won't be able to manage your own affairs. If you do not have an estate, the court will make the decision for you and name someone. By having an estate in place, you have the authority to choose someone to take care of your estate, through power of attorney.

Determine Assets

Without an estate plan, there are no guarantees that your money will stay in your family. If you have married children, and your child unexpectedly passes away prematurely, his or her spouse may end up with the money. Additionally, in the event that your child gets divorced from his or her spouse, the spouse may end up with half of the assets. If you prefer that your grandchildren get your money in either of these situations, then you need an estate plan. With one, you can set up a living trust to ensure that your money stays in the family.       

Minor Children

If you're like most people, then one of your primary concerns is the welfare of your children. You want to see your children succeed and be healthy and happy. Because of this, it is important to choose who you would want to raise your children should you die. If you don't have a plan, then this important decision will be left up to the court. A trust also determines what happens to your assets. If you don't name beneficiaries, the court will follow your state's laws of intestacy (dying without a will). A living trust ensures that your money and other assets are going to whom or where you want. 

Avoid Probate

If you have a properly prepared living trust, it is not easily contested. Probate, or the handing of the will by the court, is a public process. Family members, and others, can submit claims and contest the will. This also means that anyone has access to your family's private personal and financial information. A living trust does not fully guarantee that your family will have complete privacy, but it is more private than a will. A will is made public through the probate process. It will be hard enough for your family to grieve your loss. The last thing they need, after you die, is to have the added stress of getting your affairs in order.

Timely Fashion

If you do not have an estate plan, then everything is handled and determined by the court. This process can take several weeks, even months. This is especially true if family members, or others, submit claims. By having an estate plan, you are ensuring that your assets are distributed in a timely manner. There will be no unnecessary drama after your passing. By making sure your affairs are in order, you are showing your family that you care about them.   

If you are ready to create an estate plan, contact an attorney in Simpsonville, SC. 

Source : articlesbase.com