Nobody Plans the Unexpected
Life can come at us fast, and unfortunately, tragedy occurs that results in the loss of life. Because those situations sadly happen every day, it’s important to give yourself peace of mind and have an estate plan put in place. Here are a few reasons why you should have an estate plan put in place now regardless of your age.
Protection for Your Family
If something unexpected were to occur and no estate plan is in place, this could create a nightmare scenario for your family who will already be dealing with great grief. Having an estate plan in place beforehand can not only provide your family peace of mind, but having this plan already established helps your family know how they can move forward after something happens. Your family will not have to worry about money or assets because your plan will dictate the next course of action.
Estate plans are not only for assigning assets to people; you can name guardians for your children in the event of an untimely passing, as well. While no child wants to imagine what could happen to their father or mother, they can rest knowing that they will be taken care of if something happens.
Designate a Power of Attorney
If something happens that leaves you incapable of making decisions, someone has to be able to make those decisions on your behalf. With an estate plan, you can name a power of attorney to make legal decisions for you, and you can also designate someone as medical power of attorney to determine how to best take care of you until you are no longer incapacitated.
Lower Costs for Your Family
The court costs surrounding the designation of assets can be high, especially if no estate plan is in place. Without a document assigning assets and other important items to designated beneficiaries, the overall process could take several months, which can lead to an increase in the cost of the process for your family. Having an estate plan in place can reduce those costs greatly, as there will be no need for a lengthy probate process.
Ready to Plan Your Estate?
Because tragedy could strike at any time, it’s important to get your affairs in order to give your family protection and peace of mind. Since there are several essential parts of an estate plan, consider working with an attorney who understands these parts and can help you craft a document that meets the needs of your family. At Burrows Law Group, our goal is to help you protect your family and provide you with peace of mind as we help plan your estate together.
If you have questions about estate planning or are ready to get started on the process, call us at (972) 703-4004 or visit us online.