Try: Many people think that estate plans are for the very wealthy but as the following list makes clear estate planning is for everyone regardless of age or net worth # loss of capacity what if you become incompetent and unable to manage your own affairs without a plan the courts will select the person to manage your affairs with a plan you pick that person through a power of attorney # dying without a will who will inherit your assets without a plan your assets pass to your heirs according to your state state’s laws of intestacy dying without a will your family members and perhaps not the ones you would choose will receive your assets without benefit of your direction or of trust protection with a plan you decide who gets your assets and when and how they receive them # blended families what if your family is the result of multiple marriages without a plan children from different marriages may not be treated as you would wish with a plan you determine what goes to your current spouse and to the children from a prior marriage or marriages # children with special needs without a plan a child with special needs risks being disqualified from receiving medicaid or ssi benefits and may have to use his or her inheritance to pay for care with a plan you can set up a supplemental needs trust that will allow the child to remain eligible for government benefits while using the trust assets to pay for non-covered expenses # keeping assets in the family would you prefer that your assets stay in your own family without a plan your child child’s spouse may wind up with your money if your child passes away prematurely if your child divorces his or her current spouse half of your assets could go to the spouse with a plan you can set up a trust that ensures that your assets will stay in your family and for example pass to your grandchildren # financial security will your spouse and children be able to survive financially without a plan and the income replacement provided by life insurance your family may be unable to maintain its current living standard with a plan life insurance can mean that your family will enjoy financial security # retirement accounts do you have an ira or similar retirement account without a plan your designated beneficiary for the retirement account funds may not reflect your current wishes and may result in burdensome tax consequences for your heirs although the rules regarding the designation of a beneficiary have been eased considerably with a plan you can choose the optimal beneficiary # business ownership do you own a business without a plan you don’t name a successor thus risking that your family could lose control of the business with a plan you choose who will own and control the business after you are gone # avoiding probate without a plan your estate may be subject to delays and excess fees depending on the state and your assets will be a matter of public record with a plan you can structure things so that probate can be avoided entirely information references "10 reasons to create an estate plan now" 2010 available at
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Categories: Sage, Topic, Financial, Legal
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Keywords: Estate planning probate financial planning money assets
*This information is listed as a Fact Sheet and is not explicitly medically licensed