Do you know what will happen to your assets and belongings after you are gone? Having an estate plan in place guarantees that your wishes are known.
For some people, the term “estate planning” may bring to mind expensive mansions and collections of fine art. However, the truth is that nearly all Americans can benefit from estate planning services. An estate is simply the sum total of everything you own. This includes your home and any other property, vehicles, bank accounts, personal belongings, and any investments you hold.
An Estate Plan Speaks for You
In your day to day activities, you probably don’t give much thought to this collection of your belongings. You pay your mortgage, check your account balances, and expect that your assets will continue to be there and function as they always have. What is not guaranteed is that you will always be there to manage these assets.
That is where professional estate planning comes in. Having a plan in place ensures that your belongings and assets are dispersed and treated according to your wishes. An estate plan can save your loved ones the heartache and worry of trying to decide on these issues without you. With a properly prepared estate plan there is no guessing, no arguing, no questions about what you intended.
Not Having an Estate Plan is Expensive
Without an estate plan in place, the allocation of your assets is generally dictated by local and state laws. A court may decide on how to split up your estate, and may retain control of any assets that go to children while they are minors. Any disagreements amongst your heirs will often end up in court, costing them substantial time and money.
An estate plan can save your family from this additional cost and stress. When your desires are laid out, your family can focus on what they need most at that moment: supporting and comforting each other.
Having an Estate Plan is Not Just for the Wealthy or Elderly
There is no minimum requirement for a person to have an estate plan. In fact, families with limited estates are affected the most by lengthy legal battles. When your preferences are documented in an estate plan, your family’s valuable resources are conserved to the greatest degree possible.
The best time to start estate planning is right now. Although no one likes to ponder how much time he or she has left, planning for the inevitable is the smart decision. If you wait until you are older or ill, you may not be able to make decisions as effectively.
Contact an Experienced Estate Planner Today
An estate planning specialist can help you navigate the process and give you peace of mind. By working with an experienced estate planner now, you can make sure that your intentions are documented and secure, no matter what the future holds.
When you’re preparing your estate plan, contact Paramount Property Analysts for a thorough appraisal of your home and real estate holdings. Our team knows how important this vital step is to you and your family’s future.