Surprisingly, fewer than half of all Americans have a thorough estate plan in place. In the Quad Cities, people provide a variety of reason why they have yet to create an estate plan. Most of those reasons boil down to a belief that one is not needed, a reluctance to consider their own immortality, or financial considerations. If you are one of the millions of people without an estate plan, understanding the reasons why you need one may help you overcome your reason for not having one yet.
Top Five Reasons to Do Estate Planning in the Quad Cities
Just as there are an infinite number of reasons why people put off creating an estate plan, there are a multitude of reasons why you need one; however, the following top five reasons why you need an estate plan should be sufficient to convince you to create yours.
1. You need to protect your children. If you have a minor child that is all the reason you need to create an estate plan. Not only can you provide for your child financially with your estate plan but your Last Will and Testament is the only opportunity you have to express your choice of guardian for your child should one be needed at some point in time.
2. You need to protect yourself. A comprehensive estate plan often includes components such as a Medicaid plan and an incapacity plan. Having an incapacity plan in place ensures that you are able to choose who will make decisions for you should you be unable to make them in the future. A Medicaid plan ensures that you will qualify for benefits down the road without losing all your assets.
3. You need to protect your assets. An assets protection plan can shield your assets from creditors. Your incapacity plan allows you to decide who will control those assets should you be unable to do so yourself someday.
4. You want your wishes honored. If you are like most people you have very specific beliefs with regard to end of life decisions as well as burial and funeral preferences. Unless you have an estate plan in place those wishes might not be honored.
5. You want to save your loved ones money. The expense of creating a comprehensive estate plan is small compared to what your loved ones could end up spending should you become incapacitated or die without a plan in place. The legal fees involved when a plan is not in place typically dwarf those involved in creating a plan in the first place.
Any one of these reasons should be enough impetus for you to sit down with an estate planning attorney and create your estate plan.
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