Does Everyone Need Estate Planning?

Posted by smith clea on September 1st, 2022

What are you going to do with your assets when you die?

If the answer is I haven’t thought about it yet, then you need to think about it!

Estate planning allows you to plan for this event and ensure that your wishes are carried out after you die.

Are all adults required to have estate planning? The short answer is yes.

But every person’s circumstances are different, so please read on to learn more about what estate planning entails and how it can benefit you and your family members.

Do You Have Any Assets

If you have any assets even if it’s just a savings account with a few thousand dollars in it.

You need to consider estate planning.

Why? Because if you die without a will or other estate planning documents in place, your assets will be distributed according to your state’s laws of intestate succession.

Do You Have Children Or Grand Children

If you have children or grandchildren, you need to have an estate plan in place.

Your estate planning will ensure that your loved ones are taken care of if something happens to you.

Plus, having a plan in place will give you peace of mind knowing that your family is taken care of.

Do You Have A Will

If you die without a will, the state will decide how to distribute your assets.

This may not be in line with your wishes.

A will gives you the power to choose who gets your assets when you die.

For example, if you have children from multiple marriages or relationships and you want one set of them to inherit everything and another set of them to get nothing at all.

You can do that if you have a will written up beforehand.

Are There Any Specific Things That Need To Be Passed Down

If you have young children, you'll want to name a guardian in your will.

This is the person who will raise your children if something happens to you and your spouse.

You'll also want to create trust to make sure your children are taken care of financially.

As a parent, you may be worried about leaving them with too much money.

But without a trust or guardianship plan, your children may end up fighting over what's left when you die.

Do You Have A Living Trust

One common estate planning tool is a living trust.

A living trust is created during your lifetime and can be revocable or irrevocable.

Revocable means that you can change the terms of the trust or even dissolve it if you wish.

An irrevocable trust, on the other hand, cannot be changed once it has been created.

So, do you need a living trust? It depends on your circumstances.

Do You Have Debts

Estate planning is important for everyone, especially if you have debts.

If you die without a will, your debts will still need to be paid.

Your family will be responsible for paying off your debts, which could cause them financial hardship.

A trust can help protect your assets and ensure that your debts are paid after your death.

A trust can also keep the executor of your estate from having too much power over the distribution of your estate because they cannot spend any funds without approval from the trustee or beneficiary.

You should consider estate planning even if you do not have any debts as it ensures that your wishes are followed after you pass away.

About The Author

Clea Smith is a USA-based author on Legal issues related to estate planning, will & trust, business law, and elder law. Clea Smith does her best writing on these topics that help users to find the best solutions to their FAQ on estate planning attorney, probate, living trust vs will, and more about legal family issues.

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smith clea
Joined: February 6th, 2020
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