Not everyone recognizes the need for an estate plan. Contrary to popular opinion, estate planning is not reserved for only the wealthy or elderly. In fact, anyone who owns anything—a house, a car, a bank account…literally anything—should draft even a very simple estate plan to ensure that their belongings are distributed according to their wishes after they pass away.
But, again, contrary to popular opinion, estate planning isn’t just about what happens to your “stuff’ after you die. It very much helps protect you, physically, as well as your hard-earned assets while you’re still alive.
Here are five common instances you probably haven’t thought of where having an estate plan in place is a good idea:
- Having Minor Children: If you have minor children, it’s important to have a well drafted estate plan in place to ensure that they are taken care of in the event of your death. This includes appointing a guardian for your children, and outlining how their inheritance will be managed and distributed.
- Owning Property in Different States: If you own property in different states, it’s important to have an estate plan in place to ensure that your property is distributed according to your wishes. Without a plan, your property may be subject to the intestate laws of the state in which it’s located, which may not align with your wishes.
- Having a Special Needs Family Member: If you have a family member with special needs, it’s important to have an estate plan in place to ensure that they are taken care of in the event of your death. This includes setting up a special needs trust to provide for their care, and naming a Trustee and Successor Trustee who will manage the trust’s assets.
- Starting or Owning a Business: If you’re a business owner, it’s important to have an estate plan in place to ensure that your business continues to run smoothly in the event of your death. This includes designating a successor to take over the business, and outlining how the business’s assets will be distributed.
- Having a Large Estate: If you have a large estate, it’s important to have an estate plan in place to minimize taxes and ensure that your assets are distributed according to your wishes. This includes setting up trusts and utilizing other estate planning tools to minimize taxes and protect your assets against creditors and predators.
No matter what stage of life you’re in, it’s important to be prepared for the many uncertainties of the future. Whether you’re a business owner, the parent of minor children, or a caretaker for a special needs family member, planning ahead is never a bad idea. Be sure to work with a qualified and experienced estate planning attorney who can help you create a plan that is tailored to your unique needs and goals.
Contact Miller Estate & Elder Law
At Miller Estate and Elder Law, we have many years of experience helping clients navigate the complexities of the estate planning process. Having the right legal documents in place now can save you from a major headache later. Contact us today to get started providing for your and your family’s future, or complete the brief form below to download our free guide: The 5 Legal Documents Every Adult Needs.