You may believe estate planning is only for older, wealthy people with huge properties and assets, but the truth is that estate planning is very important for many people regardless of age or income level. We understand this at Tarantino Law, PLLC, and we want to help you make the best decisions for your future. But before we can help you create an estate plan, you also need to understand why it’s valuable. Here are three reasons why estate planning is so important:
- It prevents you from dying intestate. If you die without a will, this means you die intestate. This can cause a few problems. Because you have not specified what should happen to your assets, a probate court will have to assign a representative to distribute them for you. If your spouse or a close family member is not able to act as the representative, a public trustee will get the job and the process will be more expensive and time consuming than it needs to be.
- It minimizes familial strife. Unfortunately, children and other family members can often end up fighting over who gets what when a person passes away without an estate plan. Estate planning can prevent arguments and resentment in many cases.
- It can protect young children. If you have young children and you pass away without a surviving spouse, it’s important to have an estate plan, so you can choose who will get custody of them. This means your children will be raised by someone you trust.
As you can tell, estate planning comes with a variety of benefits. If you would like to create your estate plan, contact us today for more information.