It’s all about protecting your loved ones.
It seems like many people devote more time to planning a vacation, choosing a car to buy, or even selecting a spot to eat dinner than they do estate planning, deciding who will inherit their assets after they’re gone. It may not be as fun as booking a trip or checking out restaurant reviews, but without estate planning, you can’t choose who gets everything that you worked so hard for.
Estate planning isn’t only for the rich. Without a plan in place, settling your affairs after you go could have a long-lasting and costly impact on your loved ones, even if you don’t have a pricey home, large IRA, or valuable art to pass on. Not convinced that an estate plan is necessary? Consider these four reasons why you should have one and avoid potentially devastating consequences for your heirs.
KEY TAKEAWAYS
If you want to choose who will inherit your possessions and valuables, you need do some estate planning.
Estate planning allows you the ability to name your children’s guardian in the event of your premature death.
Reducing taxes on what you leave behind is a common estate-planning goal.
Estate planning minimizes the chances of family strife and ugly legal battles.
The Bottom Line
If you want your assets and your loved ones protected when you can no longer do it, you will need an estate plan. Without one your heirs could face big tax burdens and the courts could designate how your assets are divided—and even who gets to raise your children.