Some adults think that they don't need to get an estate plan together. One of these reasons is that they think they are relatively young and have plenty of time to address this issue in the future. This isn't the case. Anything could happen to anyone at anytime. Taking the time to get an estate plan created now can help you rest assured that your affairs are in order just in case something does happen.
Think about the goals that you have for your estate when you are gone. These are the backbones of the estate plan. One thing that is often a concern is leaving as much as possible behind. Reducing the estate tax your loved ones will have to pay can help you pass on as much as possible to them. You should learn the legal ways that you can reduce the estate tax so you can determine if you are going to use any of them.
Another reason why you should create an estate plan is that you need to help your loved ones avoid probate. In the absence of an estate plan, there is a good chance that your family members will have to go through the costly and time consuming probate process. A properly planned estate plan, which can include a will, trusts and more elements, can help your family be able to move toward closing your estate and mourning your death.
Creating an estate takes the guesswork out of what should happen with your assets. Instead of just letting the chips fall where they may when you die, you can help protect your family members and limit the assets that creditors can come after.
Source: The Balance, "Top 5 Reasons Why You Need an Estate Plan," Julie Garber, accessed Nov. 17, 2017