It’s a common misconception that only wealthy or elderly individuals need to worry about estate planning. In fact, a quality estate plan is essential for everyone to ensure their assets, finances, and home are taken care of after they’re gone. Regardless of age or income level, everyone should take time to plan for the future.

The Importance of Estate Planning

1. Provide for Your Family

A quality estate plan ensures your partner, family, or other loved ones receive the assets you would like them to have. This is essential for those important people in your life who may not legally be considered your family. If you fail to write these people into your estate plan, the state court distributes your belongings based on intestacy laws. If you have children, you may also designate individuals to care for them in the event something happens to you. Otherwise, the court system determines your child’s guardian.   

2. Minimize Taxes & Related Expenditures 

Crafting an estate plan minimizes the taxes collected on your estate, which ensures more money for the people you care about. By avoiding the court, your loved ones also avoid associated processing fees, wait times, and potential stress. 

3. Attain Peace of Mind

When you create an estate plan, you can rest easy knowing your exact wishes will be carried out. While many people understandably prefer not to think about the possibility of undesirable and unexpected events, doing so gives you the degree of control and peace of mind you deserve. 

It’s never too early to begin estate planning. Protect your loved ones and control your future by contacting a professional today. The team at Law Offices of Drew F. Davis in Cameron provides residents of northwest Missouri the high-quality estate planning services they need. To schedule a consultation with the lawyer, call (816) 632-7575. For more information about the law firm, visit the website.