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4 Reasons You Should Have An Estate Plan

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It is surprising that most Americans don’t have a will at the time of their death. And if you also end up as one of them, your assets will be distributed among your heirs as per the state’s laws of intestacy. It will mean that you will have no say in how and who will receive your assets in which proportion. If you have an estate plan in place, you can give clear directions as to how your assets should be handled once you are deceased. This is where you will need the help of a Lake Orion Estate Planning Lawyer.

There are many ways in which having an estate plan can protect your assets and the interests of your beneficiaries.

1. Protect Your Young Children’s Interests

If you have young children, it is imperative that you seek the help of Lake Orion Estate Planning Attorney. You don’t want to leave your children on their own in this hostile world. You should be prepared for everything when it comes to securing the future of your kids. The will, as part of your estate plan is going to help you secure it.

When you have a will in place, it will clearly state the following:

  • The manner in which your children should be cared for
  • The name of the guardians, if your spouse also dies before your children turn 18

2. Keep Your Assets within Your Family

Even if you have grown up children, you will want to protect and keep your assets so that they remain within your family. Your Lake Orion Estate Planning Lawyer can help you ensure this. 

If there is no plan, the following future situations can mean that your assets can go to people outside your immediate family:

  • If something happens to your adult child, their spouse may acquire all your property
  • If your adult child divorces, their spouse can own half your assets

Your Lake Orion Estate Planning Attorney can help you in setting up a trust that protects your assets and keep it within your family.

3. Preventing Probate Process

This is one of the most common reasons people consider estate planning. This is because almost everyone knows the importance of avoiding probate because how much it can cost. 

Having an estate plan can mean a lot:

  • You can decide how your assets are to be distributed
  • You can exclude a family member or even an ex-spouse from your assets

This means that your assets will be distributed in exactly the way you desire, thus avoiding situations you may have never wanted.

4. Set up Trusts

Your Lake Orion Estate Planning Attorney can give you the option to choose between trusts and wills or creating a combination of both. Creating trusts offer many advantages, including protecting your assets in the long-term. 

Trusts are accounts containing all your assets that will be distributed or used for your beneficiaries while being managed by trustees. For example, you can leave your assets within a trust and prevent your children from inheriting them right away. 

  • Choose the age at which your children can become trustees
  • Determine who will act as a trustee until your children are old enough to take over

This can help restrict your children from accessing and selling your assets. The income generated from your assets can thus be used for your children’s upbringing, education, or sustenance, while protecting your assets.

There are many other benefits of seeking the help of a Lake Orion Estate Planning Lawyer. Creating an estate plan can also help avoid huge taxes. You can also cover points like how your end-of-life care should be managed.