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Anyone can benefit from having an estate plan. If you think that you are too young, have too few assets, or don't have anyone to designate as a beneficiary, then think again. Anyone with a bank account can benefit from having an estate plan, even minors, and the following article outlines the many benefits of looking to the future and hiring an estate planning attorney in Greenville, SC, or an area near you. Why You Need to Plan Your Estate While the benefits of having an estate plan are numerous, many people are woefully unprepared when it comes to their financial future and the financial security of their loved ones. There are many reasons why you need to plan your estate, and the following list outlines a few of them: - To designate power of attorney: Power of attorney grants the person you have designated the right to make financial and life-altering decisions for you. The person you designate with this right will act in your best interests if you have not explicitly outlined how you want the situation handled, or they will act according to your expressed desires. If you do not designate power of attorney, the court will appoint one for you, and it may not be a person who has your best interests or the financial interests of your loved ones at heart.
- To appoint a guardian for your children: Your estate plan outlines who will assume guardianship of your children upon your death. Such an important decision should be made by the parents, but if you die without an estate plan, the court will determine who will assume guardianship of your children.
- To create a will: Your will designates how your money is allocated upon your death. Without a will, your money will be stuck in probate until the court determines how it should be distributed. This scenario is stressful for your family members, and can put an unnecessary strain on relationships. A will clearly outlines your final wishes and ensures that your assets are distributed as you desire. It also prevents beneficiaries from squabbling over who gets what.
- To assure financial security: In the event of your death, you want to ensure that your family is able to survive financially without you. Planning your estate will not only ensure that your money is distributed as you wish, but it will also ensure that you have enough funds to support your family. This is achieved through careful investments and life insurance as well as explicit instructions on how your money is to be handled, and who is given the money. If you would like all of your money to stay in your family, for example, you can avoid giving money to divorced spouses of your children by stating that all inheritance is given to grandchildren upon a divorce. Such specific wishes can be carried out when you take the time to plan your estate.
- To get your finances in order: Many people simply do not have enough life insurance or retirement money set aside in order to keep themselves and their family comfortable. When you take the time to plan your estate, you will also take the time to get your finances in order. You will figure out how to successfully plan for retirement and determine how much money you need to accrue in order to live comfortably upon retirement or support your family upon your death. Among the many benefits of planning your estate, the chance to get your finances in order with the help of an estate planning attorney in Greenville, SC, or an area near you most likely tops the list.
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