People often procrastinate when it comes to creating an estate plan because they believe that the need for an estate plan is directly related to wealth or old age. Estate planning, however, is beneficial for individuals and families at all stages of life and without regard to the value of their estate. If you have assets, responsibilities, or people you care about, then you have a reason to create an estate plan in place. With that in mind, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss five reasons to create an estate plan right now.
- You Have Minor Children: One of the most important reasons to create an estate plan is to protect your children in the event something happens to you. Without a plan in place, the court will decide who takes care of your children and how their inheritance is managed because your minor children cannot legally inherit directly from your estate. If you want to have a say in who raises your children, how they are financially supported, and when they receive any inheritance, you must include that guidance in an estate plan. A Will allows you to nominate a Guardian, while a trust can be used to decide who will manage assets for your children, and how those assets will be handled, until they reach an appropriate age. It is difficult to imagine a more compelling reason to act than the well-being of your children.
- You Own a Home: Your home is often one of the most valuable assets you own, yet without an estate plan in place your home could become entangled in probate after your death. Probate is the legal process required following an individual’s death and it can be both time-consuming and expensive. If you want your home to pass quickly and smoothly to your chosen beneficiary, whether that is a spouse, a partner, a child, or someone else, you need to plan ahead. Options such as placing your home in a trust or using a transfer-on-death deed may allow you to avoid probate and ensure your wishes are followed.
- You Are in an LGBTQIA+ Relationship: For members of the LGBTQIA+ community, estate planning is especially important. Even with the legalization of same-sex marriage, not every couple is married and if you are unmarried, your partner may not have any legal rights to make medical or financial decisions on your behalf or inherit your property without a valid estate plan. By creating documents such as a Last Will and Testament, Power of Attorney, and Living Will, you can protect your partner’s rights and ensure that your wishes are respected. Even if you are married, family members who do not approve of your relationship could challenge your partner’s role or inheritance, making estate planning an excellent way to shield your partner and your legacy from outside interference.
- You Own a Business: If you own a business, your estate plan should include a business succession component that includes provisions for what will happen to that business upon your death or incapacity. Without clear instructions, your business could be left in limbo, your employees could face uncertainty, and your family could lose a valuable source of income. A good estate plan can help ensure continuity for your business, identify who should take over operations, and establish how the business will be valued and passed on. Whether you plan to leave the business to a child, a partner, or a third party, your plan should reflect your goals and protect your business’s future.
- You Anticipate Family Conflicts Over Your Estate: If you believe your death could lead to family disagreements, estate planning becomes even more important. Disputes often arise when expectations are not met or when plans for the distribution of your estate are not clearly outlined. This is especially true in blended families, families with estranged members, or families with unequal distributions. By creating a clear and legally enforceable estate plan, you reduce the chances of a contest and help preserve family harmony. You can also name someone you trust to serve as Executor or Trustee, giving them the authority to manage and distribute your estate according to your instructions.
If any of these situations apply to you, then you need an estate plan right now. Putting your wishes in writing ensures that your loved ones are protected, your assets are handled responsibly, and your voice is heard even when you are no longer here to speak for yourself. Consult with an experienced estate planning attorney who can help tailor a plan to fit your specific needs and goals.
Do You Have Additional Questions about Reasons to Create an Estate Plan?
For more information, please join us for an upcoming FREE seminar. If you have additional questions about any of the reasons to create an estate plan, contact the experienced Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors by calling (310) 337-7696 to schedule an appointment.
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