Estate planning is easy to put off because the subject lends itself to many excuses and myths.
Common among these include a person’s belief that estate planning is only for the wealthy, that the process will be emotionally challenging, or the assumption that his or her wishes will be carried out appropriately at death without the need for planning. However, the reasons for creating an estate plan are as diverse as the people creating them. If you answer “yes” to any one of these statements, you need an estate plan that is tailored to you:
- Does it matter to you who receives your assets upon your death?
- Do you want a child or other beneficiary to only receive a distribution at a certain age or upon a certain event?
- Do you have a beneficiary who has special needs?
- Are you concerned about a beneficiary’s ability to manage money responsibly?
- Would you like to maximize the value of your estate?
- Would you like to minimize taxes?
- Does it matter to you who would become the guardian of your minor children?
- Do you have any specific wishes concerning life support or organ donation?
- If you became incapacitated, would you want a specific person to manage your assets on your behalf?
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