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Who needs an estate plan?

Who needs an estate plan?

The death of a public figure or wealthy celebrity can bring into focus the true need that many people have for creating solid, legally enforceable estate plans. The news abounds with stories of individuals who failed to create wills that outlined their testamentary desires or that failed to provide clarity on delicate preferences on inheritance. Despite the cautionary tales that Washington residents may read in the local newspaper about failing to have estate plans in place, many people feel as though estate plans are just not relevant to their lives.

This is usually a fallacy. Any person who owns anything can benefit from having an estate plan. Estate plans are not for only the rich or powerful: they are useful tools that give regular individuals the power to decide how their wealth and assets will be divided up when they pass away.

Estate plans are also not only for the elderly or those who have direct descendants. Young people just getting started in their careers can and should create basic estate planning documents to ensure that their financial, health and testamentary wishes will be honored in the event that they become incapacitated or pass on. Without an estate plan, a person's hard earned money and beloved property may be given out according to the laws of the state, and sometimes even to the state, when they are no longer there to exercise control.

The attorneys of Beaty Hatch want every person to have control over the disposition of their end of life estate. For those who have not yet taken the important step of starting their estate plans, the firm is available to provide guidance and support concerning the creation of important estate planning documents.