Many people make the mistake of assuming that they do not need an estate plan. They believe that estate planning is for older people who are married, have children and substantial assets like a home, small business, and large investment portfolio.
The truth is, everyone can benefit from having an estate plan in place. No matter how much you own or how large your family is, the benefits of a will, trust or both are undeniable. Here are a few examples of what a basic estate plan will do:
· Let you choose who your beneficiaries will be and what you will leave them
· Lets you pick the executor of your estate
· Give parents the power to choose their children's guardians
· Helps your estate avoid having to go through probate court as much as possible
· Gives you control over when the beneficiaries will take control of the contents of the trust
· Protects your assets from creditors
The peace of mind that having a properly drawn up estate plan can bring is invaluable.
Why It's A Mistake To Try To Make An Estate Plan Alone
Unfortunately, some people try to create their estate plan on their own, from DIY templates online to verbally expressing their wishes. Estate planning law is quite technical, and a mistake can lead to the will or trust being invalidated later on. An experienced estate planning attorney will provide the advice and transactional help you need to avoid this potential disaster.