Six Reasons to Plan Your Estate

Estate planning is an easy thing to put off. Maybe you think it's too early; maybe you think your estate is too small. Here are six good reasons why you should plan your estate now.

With a Plan

  1. You decide who receives a share of your assets.
  2. You decide how and when your beneficiaries will receive their inheritance.
  3. You decide who will manage your estate (executor, trustee, etc.)
  4. You select a guardian for your child.
  5. You can reduce estate taxes and administrative expenses.
  6. You can provide for the orderly continuance or sale of a family business.

Without a Plan

  1. Sate laws determine who inherits your assets - they could pass to an estranged relative.
  2. The terms and timing are set by law. Your children could be left unfettered control of a sizable estate.
  3. The court appoints administrators - administrators whose ideas may not be compatible with your own.
  4. Costs are usually greater, due to required administrative expenses and unnecessary takes.
  5. The court appoints a guardian for your child.
  6. Financial loss and family hardships may result from an untimely forced sale.