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:
- You decide who receives a share of your assets.
- You decide how ans when your beneficiaries will receive their inheritance.
- You decide who will manage your estate (executor, trustee, etc.)
- You can reduce state taxes and administrative expenses.
- You select a guardian for your child.
- You can provide for the orderly continuance or sale of a family business.
Without a Plan:
- State laws determine who inherits your assets - they could pass to an estranged relative.
- The terms and timing are set by law. Your children could be left unfettered control of a sizeable estate.
- The court appoints administrators whose ideas may not be compatible with your own.
- Costs are usually greater, due to required administrative expenses and unnecessary taxes.
- The court appoints a guardian for your child.
- Financial loss and family hardships may result from an untimely forced sale.
