Getting an estate plan made for your family is a very important part of your emergency plan. Everyone should have an estate plan, even if you are in your younger years. Don't fall into the trap of thinking that an estate plan is only for elderly people. Here are a couple ways that an estate plan can protect you.
1. An Estate Plan Will Ensure Your Family Get's Their Money Faster
When you meet with an estate-planning attorney they will most likely create a trust for you. Trusts are one of the best ways to organize your assets, property and money because they protect everything. For example, if you don't put your estate in a trust, it will have to go through a process called probate. Probate is when the courts overlook the division of your estate. In some cases this can take a good deal of time, which means that your family doesn't get the money they need.
A trust bypasses probate and goes directly to your family upon your death. This means that they can use the money to pay for the funeral, pay for living expenses, and a myriad of other things.
2. An Estate Plan Will Protect Your Children
If you have minor children, it is incredibly important that you have an estate plan. If something were to happen to you, the state needs to know where the children should go. In your estate plan, you will still have a will. Although all the money will be put in a trust, the will names a guardian over your children, should you be unable to care for them.
If you don't have a will that names a guardian over your children, then the state will be in charge of appointing someone. Don't let this happen to you. The state doesn't know your children and their specific needs, nor does it know your family dynamics. You should be the person who chooses where your beloved children go, not the state.
3. An Estate Plan Will Save You Money
You might be putting off getting an estate plan because you don't think you can afford it, in actuality you can't afford not to have one. This is because if you don't have your estate organized into trusts, you could spend a great deal of money in taxes and probate. Dying without an estate plan is very expensive, which means more money goes to the state and not to your loved ones.
These are just a couple, of the many ways, that an estate plan can protect you and your family. Contact a professional attorney, like those at Fitzpatrick, Skemp & Associates LLC, to begin your estate plan today.