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Do you need an estate plan?

On Behalf of | Jul 24, 2023 | Estate Planning |

You may be wondering if it’s time to make an estate plan. You’ve been thinking of doing it eventually, but you haven’t gotten around to it yet.

But, perhaps, you’ve discovered that most Americans don’t have an estate plan. You may start wondering if you even need to create a plan at all. Maybe it’s not as necessary as you thought if no one is doing it.

Estate planning is certainly necessary

Make no mistake about it: Estate planning is necessary and important. The fact that most people don’t have an estate plan is a cause for concern, not an indication that this planning isn’t necessary. It just means that the majority of people are not prepared for the end of their life or a sudden incapacitation (like a coma caused by injuries stemming from a car wreck), which can create a lot of problems for their family.

For example, people who don’t have an estate plan create greater odds that family members will get into a dispute. The plan can tell the heirs how to distribute assets and divide up possessions. Without an estate plan, loved ones have to make these decisions, and the odds are simply rather high that they’re not going to agree about everything. This is especially true when it comes to sentimental items where heirs are unwilling to compromise.

Additionally, it’s important to remember that assets are not the only thing that the estate plan addresses. It also gives you a lot of tools that you can use to plan for any medical care you may need down the road. For example, you could create a living will to specify your wishes if you’re incapacitated. You could also use a medical power of attorney to give someone else the ability to make medical decisions on your behalf in an emergency.

Creating your plan

If you don’t have an estate plan yet, it is time to start making headway on that undertaking. Be sure you know about all of the legal options at your disposal by seeking legal guidance proactively.