Legal term explanations for trusts

Reasons Why You Need an Estate Plan

Who needs to have an estate plan? Is it only the purview of the ultra-wealthy? Or should most people consider developing one?

Most knowledgeable financial and legal professionals will argue that more, rather than less, people should have an estate plan. Here’s why:

  • You can reduce estate taxes upon your passing
  • Probate can be avoided
  • Your beneficiaries can be protected and cared for
  • Your assets will be handled according to your wishes
  • Unusually “messy” situation can be avoided after a death

Legal matters regarding estates and estate planning can be quite complex. When developing your estate plan, it makes sense to work with a lawyer who is an expert in this field.