Perhaps it is because the word “trust” is commonly (albeit falsely) attributed to the wealthy—or that people vastly underestimate how complex even a small estate can become. Regardless of the reason, don’t fall for the trap of thinking that creating an estate plan is solely for rich people.
Though this is false for many reasons, it is essential to point out that estate planning extends beyond money. A young, new family may presumably not yet be as established as someone getting ready to retire. However, if they have a child, an estate plan allows them to name a guardian. If they pass away unexpectedly, they have already mutually decided who will raise their child in their absence.
To continue with the idea that estate planning has benefits beyond money, consider the advantage of having a healthcare directive. No one plans on being seriously injured. Someone who has an estate plan has earned an element of peace of mind. Why? Because if the unexpected should occur, they have a healthcare directive in place.
A healthcare directive allows someone to make medical decisions on your behalf. You may not know what the future holds, but you are prepared for it. And you trust that the person you have specifically chosen has your best interests in mind.
Take Control Of Your Assets
You likely have more assets than you think. Most people have bank accounts, a car, student loan and credit card debt, and maybe even a house. Even at the most basic level, these assets can create burdens and challenges for your family. For instance, who can access your accounts? Due to privacy and security, your family will have administrative hurdles to pass through before gaining access.
When you pass away without a plan, you would have died intestate. That means your assets get distributed according to the laws of the state rather than your wishes. Money or property could go to someone who you had no intention of giving your things to.
There are always tax implications to consider as well. When you sit down with your attorney, he can explain the various tools at your disposal as well as the pros and cons of each. There is an incredible amount of freedom in knowing that you have a plan to survive while also protecting the people you love the most.
The Law Office Of Alexander Sherwood Keenan
You have more assets than you likely realize, and they are all worth protecting. Whether you are a new family who is ready to create a will or are on the verge of retirement, utilize our experience to your advantage. Contact The Law Office of Alexander Sherwood Keenan to schedule a consultation. Please feel free to ask us about our complimentary workshops.