When you hear about estate plans, you probably think that they are primarily for wealthy individuals, but that is not the case. In fact, estate plans are beneficial for most adults, and for good reasons.
Here are some of the situations in which an estate plan is beneficial.
Do you have children?
If you have minor children, an estate plan is essential to ensure that they receive the assets and inheritance that you want them to have. Not only that, but your estate plan should detail who will be responsible for guardianship in the event of your death. You might even decide to establish a trust for your children with an appointed executor to protect them.
Do you own property?
If you own a home, land and any other property of value, an estate plan is essential to ensure the distribution of your property the way that you want it to be. With a solid estate plan, you can clearly specify how you want your assets handled after your death and establish the necessary trusts and accounts to ensure the plan.
Are you worried about your family contesting a will?
If you worry about your family’s ability to accept your will the way that you wrote it, an estate plan with a revocable living trust might be the better solution. A trust with your assets can eliminate the risk of probate and a lengthy court battle.
Estate plans are not a tool of the wealthy but a valuable component for anyone with concerns about their investments, estate or dependents.