I’m a note-taker. Usually you will find me with a blue ink pen and legal pad in hand, ready to take notes on whatever is being discussed. Recently, I came across one of my legal pads that had the following notes: Top 10 Reasons for Creating an Estate Plan from “The Everything Wills & Estate Planning Book” by Deborah S. Layton. I like the list because she outlines some of the major benefits of estate planning in layman’s terms.
- A sound estate plan can save your family thousands of dollars in taxes and legal fees.
- If you don’t have a plan, the government will decide who will receive your property.
- If you don’t have a plan, your spouse or partner may not receive the property you intended to provide.
- Most people can avoid or reduce estate taxes with the right plan.
- Naming a legal guardian in your will is the way to choose who will raise your minor children if you are gone.
- Creating a durable power of attorney ensures that someone can pay your bills and sign legal documents if you become disabled.
- Have a medical directive will provide guidance about your health care wishes in the even you become incapacitated.
- You can avoid the unexpected results of owning property in joint name when you understand the rules.
- You can make gifts to your favorite charity to reduce estate taxes but still provide for your family.
- A good estate plan can preserve your assets for your children’s use and prevent them from wasting those assets.