3 Reasons Why It Is Important To Have an Estate Plan
A solicitor who has specialized in estate planning can help you plan your estate. Your finances, needs and preferences will determine how your plan will be presented. The solicitor will help you get the right plan. Some people may think that having an estate plan is not necessary and may ignore getting one. Here are some of the reasons why you need an estate plan.
Control over Personal Property
You should decide how your property will be handled once you are no more. You should not ignore getting an estate plan just because your property is not big enough. Without this plan, you will give the state the power to misuse your possessions and money. However, with an estate plan, you will be sure that your family gets whatever you had planned for. There will be no fights among your family members over your property. This is because the plan will clearly state who will get your car, what will happen to your house and who will be in charge of your other valuable assets. An estate plan will ensure that your children are left in the right hands because they will be taken care of by the people you know well and trust. These people will also ensure that your assets are used for the benefit of your children.
No Probate Costs
Your estate will go through probate, and this means that there are some fees such as those of the court that your family members will have to incur. Most of your family's inheritance will be consumed by these fees because they are costly. By having an estate plan, you will establish a trust. A trust will not go through probate; hence, there are no fees that your family will need to cater for. With a good solicitor, you will get a perfect estate plan, and this means that more of your family's inheritance is for their own good.
Power of Attorney
An estate plan does not only care for your money once you are gone. The estate plan will help with your future plan in case you suffer a mental illness or if you become disabled because of an accident. An estate plan allows for the power of an attorney. This means you can choose one of your loved ones to make decisions on your behalf in case you are not in a position to do it. Therefore, you do not need to worry about what will happen after you fall ill.