When you have a family, you want to take care of them in every way possible. You purchase healthy foods for them. You drive safe vehicles, you make sure your kids brush their teeth and learn how to treat other people. You also need to plan your estate, as that is one of the best ways that you can protect your loved ones.
Reason #1: Protect Your Beneficiaries
You don't need a lot of wealth in order to want to protect your beneficiaries. If you have a home, or you have a little bit of savings, you are going to want to make sure that it goes to the right person. That is why you are going to want to create an estate plan. An estate plan will allow you to determine who gets what assets when you die. You will be able to ensure that the right people, those who you identify as your beneficiaries, get your assets, and not other people or the courts. You want to ensure that your family gets your assets. You want to protect your beneficiaries and ensure that they get what they deserve.
Reason #2: Protect Your Young Kids
If your kids are under 18 years of age, you need an estate plan. In an estate plan, you can spell out who you want to have custody of your children in the event that both parents are deceased or the remaining parent is unable to care for the child. You want to decide who will raise your child, and provide them with instructions on how to do so. You also want to ensure that there are funds set up so that your children's needs are met even when you are gone. Hopefully, this part of your estate plan never has to see the light of day, but you are going to want to have it in place to protect against the unexpected.
Reason #3: Reduce Taxes and Fees
Without an estate plan, much of what you leave behind can be subjected to taxes and fees. With an estate plan, you can avoid those taxes and fees, and you can help ensure that as much of your estate plan goes directly to your family as possible. You don't want taxes and fees eating into what you intended to give your family.
When you have a family, you want to protect them and keep them safe. An estate plan is one way to protect your family and keep them safe. Work with an estate planning attorney to establish an estate plan that will keep your family safe.