If you don’t have a will or estate plan, you’re not alone. Experts estimate that 55-70% of those living in the United States don’t have either an estate plan or will. Considering that, you’ll want to learn how important it is to plan your estate. With that in mind, here are three benefits of having an estate plan.
- Having Control Over Your Estate
One of the main reasons to plan your estate is to control who receives your wealth and belongings after you pass away. You’ll also be able to control how much of your estate each person receives. If you’re living a busy life, it’s understandable to want professional help with this situation. Many people contact estate planning lawyers for help with creating and adjusting an estate plan. A recent study found that 39% of clients plan their estate to protect children from mismanaging their inheritances. If you create an estate plan, you’ll be able to control how much your children get and when they’re able to receive these funds.
- Ensuring Estate Distribution Happens Right Away
After you pass away, your family will be dealing with an understandably tough situation. Fortunately, you can make this news easier to deal with by ensuring that your family isn’t dealing with complicated fees and taxes. If you plan your estate in advance, it’s likely that the settlement process will be completed in a fast manner.
- Avoiding the Hassles of Probate Court
If you create a living trust, you’ll be able to ensure that those you leave behind don’t have to deal with a probate court. In fact, research shows that 59% of clients create estate plans to avoid probate. Without an estate plan, distribution of your belongings is determined by the state you live in.
In closing, there are several important reasons to have an estate plan. However, estate planning law is often complicated and difficult for those without legal experience to understand. Therefore, it’s a good idea to contact an estate planning attorney for help with these matters. Research from the Bureau of Labor Statistics found that there were 603,310 real estate lawyers throughout the United States during 2014. Therefore, you should have an easy time finding a legal professional who is able to offer estate planning assistance.