Many people put off estate planning until it is too late. This can be a huge mistake, as it can lead to a number of problems, including:
- Your assets may not be distributed according to your wishes. If you die without a will, your assets will be distributed according to state law. This may not be what you want, and it can also lead to a lengthy and expensive legal process.
- Your loved ones may not know what to do. If you don’t leave instructions, your family may be at a loss with regard to your funeral arrangements, your assets, or your minor children. This can cause a great deal of stress and confusion at a difficult time.
- Your minor children may not be cared for by the people you want. If you don’t have a will, the court will decide who will care for your minor children. This may not be the people you want, and it can be a very difficult process for your children.
It’s Not Just for the Rich
Even if you don’t have a lot of assets, it’s still important to have an estate plan. A simple estate plan can include a will, a power of attorney for property, and advance healthcare directives. These documents can help to ensure that your wishes are carried out and that your loved ones are taken care of appropriately.
Lack of Planning Is Widespread
Here are some statistics that show how many people do not have estate plans:
- Only about 33% of adults in the United States have a will.
- Only about 25% of adults have a power of attorney.
- Only about 17% of adults have a healthcare directive.
These statistics show that a lot of people are not prepared for what could happen if they die or become incapacitated.
Estate Plan Benefits
Here are some of the benefits of having an estate plan:
- Peace of mind: Knowing that your affairs are in order can give you peace of mind.
- Avoiding disputes: An estate plan can help to avoid disputes between your loved ones after you die.
- Protecting your assets: An estate plan can help to protect your assets from creditors and lawsuits.
- Making things easier for your loved ones: An estate plan can make things easier for your loved ones after you die by providing them with clear instructions and making the process of settling your estate easier.
If you are still not convinced that you need an estate plan, here are some things to consider:
- Do you have any minor children? If you do, you need to have a will to appoint a guardian for them.
- Do you have any pets? If you do, you need to make arrangements for their care in the event of your death.
- Do you have any complex assets, such as a business or appreciable resources? If you do, you will need to work with an attorney to create an estate plan that will protect these assets.
No matter your age or circumstances, it is important to have an estate plan that will protect your assets, your family, and your wishes.
Engage Legal Assistance
If you are ready to create an estate plan, you should talk to an attorney. An attorney can help you to understand your options and create an estate plan that meets your specific needs.
Creating an estate plan is one of the most important things you can do for your loved ones. By taking the time to create an estate plan, you can ensure that your wishes are carried out and that your loved ones are provided for when the time comes.
Schedule a Consultation Today!
We can help if you would like to work with a Phoenix, Arizona estate planning lawyer to put a plan in place. You can send us a message to request a consultation appointment, and we can be reached by phone at 888-222-1328.
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