There is no doubt that you’ve probably already realized the general benefits of estate planning, but there may be a big reason why you haven’t approached it yet. Perhaps you feel that you simply do not need estate planning because the size of your estate is rather small or you are young and single without any children. However, there are many reasons why you should still consider the estate planning process. A big one is about avoiding the problems associated with doing no planning at all or failing to follow through.
Consulting with a lawyer can help you identify the strategies most aligned with your individual needs. There are six primary things that you can accomplish with an estate planning strategy formed by an experienced attorney. These include:
- Preserving your assets for future generations.
- Minimizing expenses and taxes.
- Ensuring that all of your assets are distributed according to your wishes.
- Ensuring that the individuals you select to act on your behalf are capable of doing so and willing to do so.
- Supporting a worthy cause like a favorite charity.
- Providing financial stability or support for your spouse and other family members.
A knowledgeable attorney can help you understand your unique situation and how that translates to a comprehensive estate plan. Do not hesitate to reach out to a knowledgeable attorney as soon as possible to discuss this.