I get asked all the time, “Why Should I Have an Estate Plan?”. Here are some of the reasons you should have an Estate Plan: Family harmony is a big one, avoiding disputes, avoiding probate, and sometimes, avoiding taxes, like estate taxes.
It’s important to remember that everybody’s situation is different. Both financial & family situations are different for everyone – and thus can change the different importances of the aspects of an Estate Plan. In fact, blended families are a major reason why we have estate planning. A lot of times it’s to ensure that step-mom or step-dad doesn’t get everything and the kids get nothing.
But furthermore, it can be for other great reasons, to. For example, to ensure that a daughter or son with special needs has a special trust for them. That way it ensures that there’s financial abilities to look after that individual.
There’s so many reasons and so many planning techniques, it’d be impossible to go through all of them. Generally, it is about to coming up with the best, and perhaps maybe most creative, but the best plan that works for your particular family or your situation.