Nobody plans for a tragedy, but the worst might happen at any moment. It is a mistake to think you do not need an estate plan. According to caring.com, only one-third of Americans have established a living trust or will.
Do not make the same mistake. An estate plan protects your family and gives you peace of mind. Continue reading to learn why estate plans are essential, no matter how many assets you have.
Prevent conflict in your family
Estate plans take the stress of making hard decisions away from your family. The grief they feel at your loss is hard enough to deal with. You do not want to introduce additional conflicts into the aftermath of your death. Also, if you have children, it is your responsibility to ensure they have an assigned guardian in the event of your passing. If you neglect to designate a guardian, the courts step in and decide. This costs money, takes time and puts your children in an undesirable situation.
Save your family money
Indiana requires estates to go through probate if they have more than $50,000 in assets. A living trust helps save your family money by avoiding probate.
Put a decision-maker in place
Everyone should consider naming a power of attorney. If you become incapacitated, choosing someone you trust to make crucial decisions will protect your estate and family. There are several types of power of attorneys, so you should consult with a lawyer to decide on an arrangement that works best for you.
A carefully constructed estate plan protects your family from unnecessary legal difficulties. Start working on your plan today because you never know when the unthinkable will happen.