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Why does everyone need an estate plan?

On Behalf of | Sep 11, 2020 | Estates & Trusts |

Thinking about dying or about the death of your loved ones can be difficult to face. Although confronting the prospect of estate planning can be tough, it prevents hardship when an unexpected tragedy occurs. 

On top of not wanting to tackle sensitive emotions, you may believe you do not need an estate plan because you are young, do not have significant assets or some other reason. Although your estate does not have to be complex, there are several reasons why you should make estate planning a priority. 

Protect your family

If you have minor children, the court decides who becomes their legal guardian if you die without an estate plan that makes this designation. Having an estate plan can also prevent conflict among your family members when issues about dividing your estate arise following your death. 

Prevent the court from taking over

If you die without a will or a document that delineates the distribution of your property, California Law dictates how to distribute these assets. According to the Justice Department of California, the state generally assigns the property in the estate to people based on their relationship to the deceased. With a will, you can protect your wishes. 

Leave a legacy

There are many ways you can leave a legacy by solidifying your estate plan before you die. For example, planning your estate can provide financial security for family members, help you support a cause you are passionate about or pass on values and traditions to your loved ones. 

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