Estate planning is all about preparing for the future — and ensuring that you and your loved ones are legally and financially ready for whatever comes. A common misconception is that estate planning is primarily for the wealthy, a way to pass along a robust financial legacy. Estate planning is valuable for everyone, even those who do not consider themselves to be affluent. Here are four reasons why estate planning should be on everyone’s to-do list.
What Makes Estate Planning So Important?
Specifying Medical Care & End of Life Wishes
What happens if you’re in an accident and become incapacitated — unable to talk or to make your own legal and financial decisions? Through estate planning, you can clarify your wishes about breathing machines, resuscitation, and feeding tubes. You can also name legal representatives to make critical healthcare or financial decisions on your behalf.
Choosing Guardians for Minor Children
What happens if you and your spouse both die at the same time, leaving minor children behind? Through estate planning, you can specify the individuals you wish to serve as guardians. Without this provision, the guardianship of your kids will be determined by the state, and may not meet your wishes.
Whether you have a large fortune or a modest rainy-day fund, you’ll want any financial assets to be passed down to the people you love. Estate planning can help you do this while minimizing taxes, fees, and legal hassles.
Without the proper planning, your entire estate may be subject to probate court — meaning your assets are tied up in the legal system for a long time, creating a number of obstacles for named beneficiaries to contend with. Estate planning spares them the frustrations of probate court.
Estate planning is valuable in more ways than one — and the best way to start the process is by reaching out to a skilled attorney. For assistance in the Grant County, WI, area, trust the experienced team at Scott & Heenan LLC of Platteville. The firm has served clients since 1999 and is known for its personable approach. Learn more by visiting their website or by calling (608) 348-9506.