Why do I Need an Estate Plan Anyway?

//Why do I Need an Estate Plan Anyway?

Why do I Need an Estate Plan Anyway?

Do I Need an Estate Plan?

Many people believe that wealthy people are the only ones that need an estate plan.  This belief is so far from the truth!  Most if not all people should have and can benefit from an estate plan.  Below we will cover some of the common reasons to make sure you have an estate plan in place.

Incapacity or Disability

Having an estate plan in place allows you to be in control of who will take care of your assets should you become incapacitated or disabled.   If an estate plan is not in place and you are no longer able to handle your affairs, the courts will appoint someone to do it for you.

Avoiding Probate

Most people do not wish for their assets to be made public record when they pass.  Probate can be an expensive, time consuming process that leaves the courts in charge of administering your estate. With proper estate planning, probate can be completely avoided.

Providing for Children

Whether it is naming a guardian for minor children, planning for care for a special needs child, or determining the best way to leave an inheritance to your child, having an estate plan can ensure your children are taken care of when you pass.

Protecting Your Assets

Having an estate plan means your assets will go to the people you intend them to go to. This is one of the most important things to our clients.  With an estate plan you can protect your assets from divorces, lawsuits, creditors and the IRS.  Careful planning gives you control over who inherits the assets you have worked so hard for.

Donating to Charity

Many of our clients feel very strongly about giving back to the community when they pass.  An estate plan can be a great tool for accomplishing your philanthropic wishes.

These are just a few of the many reasons it is important to have an estate plan in place.  You should have a say so in how your estate that you have worked so hard for is handled when you pass.  In addition to having an estate plan, it is important to revisit it occasionally as well.  As your life/lifestyle changes so too should your estate plan to ensure it is current when you pass!

By |2017-08-30T17:09:21+00:00July 27th, 2017|Estate Planning|Comments Off on Why do I Need an Estate Plan Anyway?
As an attorney in private practice in Atlanta, Charles Pyke provides a wide range of estate planning services to his clients, with a primary focus on helping them provide for the security of their loved ones, reduce the estate taxes and avoid or at least minimize the costs and delays of probate, all with a well-crafted estate plan.
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