You’ve spent your life building your wealth and taking care of your family and having a plan to protect this in the future is essential. A comprehensive estate plan gives you power over who will get your assets after you pass away and may spare your beneficiaries a considerable amount of money, time, and emotional stress. Here are a few reasons everyone should begin estate planning, regardless of their financial situation or marital status.

Why You Need an Estate Plan

Controlling the Distribution of Your Assets

If you pass away without preparing a will, your belongings will be given to your family members according to a strict legal formula that gives no weight to the quality of your relationships or verbal wishes. Writing a will or establishing a living trust allows you to choose who will get your belongings after your death including your valuables, liquid assets, and sentimental items.

Preventing Family Conflicts

When emotions are high, family members often get drawn into bitter conflicts over parts of the estate, opening rifts that may never fully heal. Having an estate planning attorney prepare your documents will make your wishes legally enforceable, leaving no ambiguity that could lead to drawn-out litigation.

Empowering Others to Act on Your Behalf

If you’re physically or mentally incapacitated, you might assume that your spouse, children, or business partner will have the legal ability to manage your affairs. Unfortunately, this is not always the case. Including durable powers of attorney in your estate plan will ensure they have the authority to sell real estate, enter into contracts, and make medical decisions on your behalf.
 

For over a century, Pater, Pater & Halverson Co. has provided reliable, high-quality legal guidance to families throughout the Hamilton, OH area. Their estate planning attorneys have decades of experience and will do everything possible to ensure your wishes are respected. Visit their website to learn more about their estate planning services, call (513) 867-1411 to schedule a consultation, and follow their Facebook for more legal tips.