You can only be ready for the unexpected to a certain extent — you buy insurance for your car in case of an accident, you bring an umbrella if the weather forecast calls for rain. So when it comes to making an estate plan, there is no reason why you wouldn’t have one created.
One reason many don’t create an estate plan is that they feel they don’t have enough assets. While one may feel this way, potential heirs and the court could see it differently.
Why You Should Create an Estate Plan
Your Estate Can Go Through Probate
You don’t want to leave your loved ones having to go to court to divide your property during a time when they are supposed to be remembering you. Not only is probate a daunting task, but your loved ones will most likely not want to go to probate without a lawyer. Help them avoid this by creating an estate plan ahead of time laying out your wishes.
Designating Beneficiaries Ahead of Time
After you pass, you won’t get to have a say on who receives any of your life insurance policies, savings, or financial assets if you don’t have an estate plan in place. Decisions on who receives these will be made by the court.
Power of Attorney
In an estate plan, you can name a power of attorney over your medical care, finances, and more if you become incapacitated. Even if you don’t have assets that could potentially be passed on to heirs, it is critical for everyone to have a named power of attorney. Otherwise, decisions about your future could be made by someone you do not want.
The Comfort of Knowing Your Decisions Will Be Carried Out
One of the most satisfying reasons to have an estate plan is the comfort of knowing your wishes will be carried out after you pass. It can bring you more peace of mind, too, if you share your estate plan with those who will be impacted the most. As previously mentioned, the estate plan doesn’t necessarily have to include anything about assets, so it’s critical to establish an estate plan sooner than later in case the worst would unexpectedly happen.
If you create an estate plan now while you don’t have a lot of assets, but end up having more assets in the future, you can always update your estate plan. Most experts recommend reviewing your estate plan at least once a year or anytime a life change happens to make sure it’s up to date! When you’re ready to begin your estate plan turn to Jerimy Kirschner & Associates, PLLC. Our team has helped clients who felt like there was no need for an estate plan feel reassured about their future. Start with a free estate planning consult and contact us today.