It’s a common misperception that estate planning is exclusive to wealth or old age. Remember, everybody dies. We don’t like to think about it. You’ll hear people say “if I die” or “if something happens.” Death is unpleasant to think about—but inevitable. It is important to plan, and it’s never too early to begin. Plan now. Sad to say, it is too late to draft wills and plan an estate after a person dies. Either James Parrish Coleman or James Parrish Coleman III can provide a plan that provides assurance and control after death.

3 Reasons to Start Estate Planning Now

1. Appointing a Guardian

If you become medically incapacitated, you can’t control who will be making health and financial decisions for you. Sometimes, courts appoint someone who they feel is most qualified. With effective planning, you decide who handles your estate. This includes health care decisions, such as maintaining life support, as well as how to organize your money for your benefit.

2. Creating Financial Security

If you’re the primary source of income, you have to know how your family would survive without your income. Unless your estate is very large, it won’t be subject to Federal estate tax after your death. Still, you need to plan for both income and assets. With estate planning, you can make your assets pass to the people you want to have those assets—many times without the necessity of opening an estate. You want your family to live comfortably going forward. You have to plan to make that happen. 

3. Avoiding Probate

Probate law exists to allow a person’s debts to not die with him. All of the property you leave behind at death goes to pay debts in an order set forth by statute. Probate law then provides that property passes to family members—even if there is no will. This intestate (without a will) distribution will send money to those who are related to you by blood—with the most closely related persons receiving your property. Having a will allows a person to decide who gets what after that person’s death. The lack of a will can create family conflict and doesn’t assure that the assets will even go where the decedent intended. With estate planning, you can designate how all things should be distributed, so there’s no outside interference or unnecessary complication.

We want to explain this process to you. We can explain how the probate process works. Most people think they know how it works—but they don’t. You’re never too young to start estate planning. Please call J.P. Coleman Law at (251) 947-6247. Initial consultations are free.