The Inner Workings of a Law Firm

2 Reasons You Should Have An Estate Plan Now

12 March 2015 by Jo Rodriquez

Many people think that they don't need an estate plan. They assume that after they die their loved ones will just get all of their property, so there is no use in meeting with a lawyer. They couldn't be more wrong. There is so much more that goes into an estate plan. Having a good estate plan will only protect you and your family. Here are a couple reasons that you should have an estate plan.

1. Legal and Medical Power Of Attorney

What do you think will happen to you if you are physically incapacitated? For instance, what if you were in a car crash and were unconscious or in a coma, who would make the decisions about your finances and your medical treatment? If you do not state someone to do this, then you could be in a world of trouble.

The court would have to declare who would be your power of attorney and this person may not understand what you want. They might be opposed to sustaining artificial life and you might be for it. They might do things with your money that you do not agree with.

When you make an estate plan, you will meet with the lawyer to get your medical and legal power of attorney. You can choose a person that you trust, who shares your same views, and who has your best interest at heart. This is the best way to make sure that you are protected.

2. Save On Taxes

Did you know that it can be very expensive to die? Just because you have a great estate and everything is in your name doesn't mean that it will pass to your loved one without being taxed. There are many taxes in place that could take a good deal of your hard earned money and property if you do not have your estate organized correctly.

An estate-planning attorney can help you know how you can save money. You can put things in trusts, get joint owners on accounts, name beneficiaries and so much more. By doing these things before you pass away you ensure that the majority of your money will go to your family and not to the government through taxes.

Just because you are not old or unhealthy doesn't mean that you don't need an estate plan. No one knows when they will die or be in a place where they are incapacitated. That is why it is best to get it done early. Contact an estate planning company like Mackevich, Burke & Stanicki to get started today.

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