Why is an Estate Plan Important

As trusted estate planning attorneys, one of the questions that we commonly receive from individuals who may have never put together an estate plan before revolves around why estate planning is so important. Realistically, there is not a single answer to this question. Instead, there are several different reasons why estate planning is important.

What Is Estate Planning?

Estate planning is the process of putting together a plan which highlights your wishes for your assets that are left behind after you pass away. When a person does not put together an estate plan, they will have no control over who will receive these assets after your death. Instead, the state that you live in will have specific laws, commonly referred to as intestate laws, which indicate which one of your family members or relations will receive those assets that are left behind.

A formal estate plan is something that consists of many different documents. Whereas many people believe that an estate plan is as simple as having a Last Will & Testament, there are several documents that make up a comprehensive estate plan.

How Estate Planning Can Help Make Things Easier for Your Loved Ones When You Pass Away

One of the leading reasons why putting together an estate plan is important is due to the fact that it greatly helps your family members that are left behind. First and foremost, spending the money on an estate plan now can ultimately help your family to save money in the future during the probate process. When a person passes away without a will, there is a more formal court process that needs to take place to appoint an administrator for the estate. This process can potentially cost the estate more money and take away funds from potential beneficiaries.

There is also a certain level of stress and pressure that is taken off the loved ones left behind when there is an estate plan that is in place. When you pass away, there will be an unquestionable level of grief and strife that your loved ones will need to deal with. When you don’t have an estate plan, this stress is something that could be further exacerbated. Therefore, to eliminate this potential stress, one of the best things that you can do for your loved ones is to ensure that you have an estate plan. Keep in mind that you can also talk with your loved ones about your plans. Letting your loved ones know where your estate plans are or even what is in them is a great way to ensure that your family has the opportunity to grieve without any of the added stress or worry about what will happen when the time comes to settle their estate.

Why You Should Work With an Estate Planning Attorney for Your Plan

There are many people who view estate planning as something that they can manage by themselves. However, the reality is that there are several nuances that are associated with estate planning which means that you should always collaborate with an experienced estate planning attorney when it comes to the type of documents that you need as well as the information in those documents. When you work with our team, you can take comfort in the fact that our estate planning attorneys will provide you with the personalized experience that you need as you begin to work through putting together your estate plan. We encourage you to get in touch with us today to schedule your consultation and begin your estate planning journey with our team today. Call Linda Solash-Reed, P.L. at 321-804-2915 or fill out our contact form and we will be in touch to schedule a meeting.