Surveys indicate that as many as two out of three Americans do not have an estate plan in place. Many of the people who do not have a plan acknowledge the importance of having one, but they have yet to create one. If you are in the majority, there is no time like the present to get started on your estate plan. To provide encouragement, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors discuss the top five reasons to create an estate plan.
Top 5 Reasons to Get Started on Your Estate Plan Today
If you have put off creating your estate plan, it is time to stop procrastinating. A comprehensive estate plan is the most important gift you can give to yourself and to your loved ones. If you still need a push to get started on your plan, consider the following reasons why you should have an estate plan in place:
- To maintain control over the distribution of your assets. On a daily basis, you control what happens to your money, investments, and other assets. Surely you want to control what happens to those same assets after you are gone, right? If you die without an estate plan in place, the State of California essentially creates a plan for you using the California intestate succession laws. People, organizations, and even your beloved pet that are not among your legal heirs will get nothing from your estate. Some of your assets may even need to be sold so that your estate can be distributed evenly among your heirs. Without a plan, you don’t even know who will oversee the probate of your estate. If you want to maintain control over the distribution of your estate, you need an estate plan.
- To protect and provide for loved ones. If you want to ensure that your loved ones are financially secure after you are gone, you need an estate plan. Not only does a plan ensure that the people you want to protect will actually receive assets intended for them, but a carefully crafted plan will provide immediate access to those much-needed assets, so your loved ones do not have to wait until the conclusion of the probate process.
- To retain autonomy and control. If you become incapacitated, someone will need to take over control of your assets and make vital healthcare decisions for you. Some of those medical decisions may involve end-of-life treatment. If you have strong opinions about such treatment, you need an estate plan in place that includes the relevant advanced directive. A Power of Attorney or revocable living trust also ensures that someone of your choosing takes control of your assets if you are incapacitated.
- To protect your assets while you are alive. Threats to your assets are everywhere, including creditors, divorce, and even the high cost of long-term care. Fortunately, your estate plan can help protect your assets while you are alive so that you have an estate left to distribute after you are gone. The inclusion of an asset protection trust and a Medicaid planning component in your estate plan will go a long way toward protecting your hard-earned assets.
- To ensure your wishes are honored. Some people have very specific wishes regarding the handling of their body after death and the service held to honor them. If you are one of them, or even if you want it to be clear that you do not want a service, you need an estate plan with a funeral planning component within the overall plan.
Are You Ready to Get Started on Your Estate Plan?
For more information, please join us for an upcoming FREE seminar. If you are finally ready to get started on your estate plan, or you need to update an existing 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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