The Top 5 Reasons Why You Need An Estate Plan

One of the most alarming truths about estate planning is how few people have done it. 67% of people don’t have any planning done. This means that it is likely that you and your loved ones have been set up for failure with a future sitting in probate court. There are several reasons why you need an estate plan, and some of them may even be a shock to people who already have one!

1. To Protect Yourself While You Are Alivea group of surgeons, wearing scrubs in surgery.

Modern estate planning is wildly misunderstood. One common misconception is that it only starts working after you have passed away. This just is not the case.

A complete estate plan will include provisions for when you are still alive, but unable to speak for yourself. This is called “Incapacity Planning”. It typically includes documents like a Living Will and a Power of Attorney. They can (and should) include more, but that may depend on the style of plan and who does your planning. In addition to ensuring your wishes are met, you need an estate plan to keep you safe while you are still here!

2. To Keep the Government Out Of Your Life

One of the biggest changes in estate planning over the years has been the increased ability to keep the government out of your life. For many years there was little families could do to protect their inheritance and keep things in the family. However, with proactive planning, it’s now entirely possible to skip Uncle Sam all together.

Even better, doing proactive planning can give you and your loved ones access to government benefits that they may not otherwise qualify for. In addition to preventing descendants from losing special needs benefits due to a gained inheritance, you may also qualify for Medicaid without losing your life’s work.

3. To Bring Your Professional Circle Together

a pair of professionals, high fiving over helping their client.An often underrated step in estate planning. Your professional circle includes everyone in your life that helps you make important decisions. This can include your attorney, doctor, financial planner, real estate agent, and your family.

Bringing this team together can not only bring you peace of mind, knowing that all these qualified people have your back, but can also uncover new strategies to make your life better! Every professional has a different toolkit, and those tools can work together in unexpected and valuable ways.

4. To Review Your Assets

It’s an unfortunate fact of life that things tend to slip through the cracks. Estate planning presents a perfect time to re-examine your assets. Many people try to sell you a quick fix hoping to take advantage of price shoppers. That often means they skip an evaluation and give you an out of the box solution. Or, they bait you in the door with a low price, then switch and add costs and services after they get your personal information. It gives you the opportunity to look at everything that is currently in your name, including bank accounts, vehicles, and property to make sure that they are still working for you they way that they should.

5. To Help Your Family When You Are Gone

The most common reason to plan is arguably still the most important. Estate planning allows you to dictate how your legacy will be used when you are gone. Proper planning can even allow your family to skip the probate process! This can save thousands in court and attorney fees.

Peace of mind knowing you have done the responsible thing for your spouse, children and family.

It goes even beyond that. The loss of a loved one is difficult for everyone involved. Knowing that you have put time and effort in planning for the future is a massive weight off their shoulders.

Everyone needs an estate plan. If you and your family are currently unprotected, give us a call today at 419-352-7522, or click here to schedule an appointment with our client care coordinator today!

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