When estate planning comes to mind, people often think of it as something
reserved for the wealthy. After all, the IRS does not require a filing
if the value of an estate is less than five and a half million dollars.
The average person does not worry about estate taxes, so why worry about
However, there are many good reasons that everyone must consider estate planning.
Everyone has an estate
An estate is not just a large house and trust fund. An estate is everything
a person owns. Further, debts are also included in an estate. Survivors
have to deal with everything the deceased owns and everything the deceased
owes. According to an
Estateplanning.com, too many people fail to plan because they believe that such planning
is not for them.
Without estate planning, the deceased's loved ones will carry the burden
of paying funeral expenses, debts, taxes, and more without the benefit
of clear directions for the assets. What a mess! No one wants to cause
a problem for their loved ones. Estate planning removes this burden.
Final wishes may change throughout a lifetime
When a person considers their final wishes, he or she decides many things.
He or she makes funeral and burial plans. He or she decides who inherits
assets, who will care for minor children, and much more. However, many
people make the mistake of only planning once. These desires may change
throughout a lifetime. Marriage, divorce, the birth of a child, a new
home, family relationships, and more change how someone wants his or her
estate handled. Proper estate planning reviews these plans on a regular basis.
Proper estate planning carries out your final wishes efficiently
Many people believe that their heirs have a legal right to their estate
or that their loved ones will carry out their wishes. Though in many cases
this is true, without proper estate planning, there is no way to guarantee
that survivors will honor one's last wishes or do it in a timely manner.
According to the
American Bar Association, if someone dies without a will, only the courts can make these decisions.
Something as simple as a will helps. Simple planning beforehand saves much
There are manymore reasons why
estate planning is not just for wealthy people. Please
contact us to learn more!