Few people like to think about needing an estate plan. Most people don’t want to look ahead to what happens after they are gone. However, others believe they have plenty of time. It’s common for people to feel that if they contemplate death, they are tempting fate. In the end, it’s crucial that you consider what will happen with your assets upon your death, especially if want those you leave behind to uphold your wishes. For this reason, it’s imperative you speak with someone about estate planning. If you don’t consider what you want to happen after your death, your property will spend a lengthy and expensive probate period.
Is Estate Planning for You?
Yes, estate planning is for you. Whether you are rich or live by modest means, you have assets in which to establish ownership after your death. Instead, wouldn’t you like decide who gets your grandfather’s pocket watch instead of a probate judge? Even if the only items you have are sentimental and not valuable, it is essential to identify who the item is to go to and when it should go to them.
Without Estate Planning
Are you aware of what will happen to your belonging without an estate plan? Unfortunately, if you have not made a will prior to your death, you have no say over who receives the things you leave behind. For example, if you own a vehicle and it’s in your name only, there is no guarantee that it will go to your oldest son without an estate plan. In probate, a judge may decide to liquidate your assets. In this case, your vehicle is sold, and anything left is divided among the people you leave behind. If these are not your intentions, it’s crucial that you plan for them. Estate planning helps you prepare for those events that you cannot always anticipate.
No one wants to think of leaving behind small children, but sadly it is a possibility that you must consider. Your children are your greatest assets. For this reason, it is extremely important to determine who you want to care for your minor children if the unthinkable occurs. If there is no pre-established plan, it is left to a probate judge to determine who gets custody of your children. You want to know that they are safe and sound in the care of someone who will love them as you have. It is best to plan and not need the plan for years, than to not have a plan at all. Estate planning is about more than your material possessions, it’s about the security and comfort of those you leave behind.
Regardless of your financial status, an estate plan is still essential for the ones who will grieve and mourn for you. As you can see, everyone needs estate planning. What you leave behind will go to someone, and you want to make sure that it fits your desired plan. How will anyone what you wish if you don’t leave them with instructions? If you don’t plan for your death before it happens, rest assured, a probate judge will make the decisions for you. Sadly, the process takes months. Making everyone wait only prolongs closure and healing. If you need expert advice to guide you through the process of estate planning, contact us at the Law Offices of John L. Schettino. We are an experienced law firm. Contact us today.