Estate planning has an air of sophistication about it that often makes people think it is only for the rich. However, this is simply not true.
Everyone should have an estate plan because it allows you to decide what you want to happen with your assets and to make other decisions about things that will happen after your death. More specifically, U.S. News and World Report states that an estate plan saves time and hassle for your heirs.
Minor children and pets
If you have minor children, you must have at least a will that dictates the guardianship plans for your children. If you fail to do this, it could leave your children in limbo within the state system until someone steps up or the court appoints someone to be their guardian.
You can also use your estate plan to set up care for your pet. You can appoint a guardian and even leave money in a trust or account for the care of your pet.
By planning out what will happen with your assets, you can make decisions that will minimize the impact of taxes on your heirs. There are many tools you can use that will enable you to set up the transfer of assets in a way that will reduce or eliminate taxation and save your heirs a lot of money.
If you have assets of any type, your estate could end up in probate, which takes time and money. Through an estate plan, you can make decisions that will minimize or avoid probate. This can help to ensure that your heirs receive as much from your estate as possible.