For many individuals, it looks like they dedicate more time to planning a holiday or where to have dinner than deciding who will acquire their estate. Though estate planning is not as fun as going for a long trip or booking a dinner table but without this essential decision, you can’t determine who gets everything after your sudden death. Generally, people do not prefer talking about death. It is one of the main reasons they do not develop estate plans. Unfortunately, not having a well-drafted estate plan can have unfortunate outgrowths for your close one's long-term future.
Estate planning isn't only meant for the wealthy people and powerful person. Without an estate plan, there would be a long-lasting effect on your family members, even if you don’t own a luxurious home, huge investment account or expensive art to pass on. Here are some reasons why everyone should consider developing an estate plan:
Prevents Your Assets from Dividing into Unintended Beneficiaries
If you are looking to prevent your assets from dividing into unintended heirs, then you must have an estate plan. You don’t need to be very rich or do well in real estate industry or the stock market. Even if you are going to leave second home behind, you need to determine who will receive the assets after your death. Designating beneficiaries for your assets is one of the primary steps of estate planning. Without an estate plan, your family members may need to go through a lengthy process that can take years. Then, the courts will decide who gets your property.
Protects Families with Young Kids
Nobody wants to die young, but if you're the parent of small kids, you need to prepare for any unexpected circumstances. This is where the Will comes in. In order to assure that your kids are well taken care of, you must designate the guardians in the event when you and your spouse die before your kids turn 18. Without any will, again the court will decide who gets a piece of your assets including real estate or artwork. Being a responsible parent, you must secure the future of your children by preparing an estate plan.
Eliminates Family Messes After Your Death
You must have heard some news or stories that when some individual dies with money, the conflicting between family members occurs. One family member may think he/she deserves more than another and starts fighting. Such warring can get violent and end up in the court with unintended decisions. This is another main reason why an estate plan is required for every individual. This little effort will allow you to determine who manages your assets and finances if you become mentally disable or die. If you want to know more about estate plan and probate Los Angeles County, contact law office of Michael C. Maddux.