Do You Need an Estate Plan?
For many, the idea of creating an estate plan is something they’ll do “later.” As in when
they’re older, when they have more “stuff” or whenever they have some time to actually
sit down and do it.
But putting off creating your estate plan isn’t a good idea, and I’ll tell you why.
Funerals can cost a pretty penny these days so even college students who live at home
and have very few assets should at least have a life insurance policy to cover funeral
expenses. If you own a car or a baseball card collection or a diamond ring – and everyone
owns “something”, someone will have to inherit that property.
And if you’ve got ideas about who you’d want your belongings to go to, you need a Will
to ensure your wishes are honored.
As you get older and start accumulating assets, you’re effectively creating an estate that
will have to be distributed. Even the most modest estates will have to be probated and if
your assets can’t cover your taxes and outstanding debts, your family may end up
inheriting nothing at all.
Do you have a family? Ensuring that your loved ones are protected and provided for is a
key component of a good estate plan. Your plan can set aside money for debts and ensure
that your kids can go to college or that your spouse can pay off the family home. Without
a plan, your family may be left with a mountain of debt and no real resources to pay it
Do you have family heirlooms that you’ve promised to a specific someone? A Will or
Trust would ensure those heirs receive that property but without a valid plan, the state has
the honor of deciding who gets what and that may or may not be in line with your wishes.
Of course, these are just a few of the reasons you need an estate plan and exactly which
documents you’ll need will depend upon your individual goals. The best way to ensure
that your assets and loved ones are fully protected is to consult with a professional estate
Experienced estate planning attorneys Seattle WA of the Byrd Garrett PLLC offers estate
planning and business planning resources to residents of Seattle WA. To learn more
about these free resources, please visit http://www.byrdgarrett.com today.