by Colin Smith | Contributor
Thinking about planning for your own death can be uncomfortable, but failing to do so can have serious repercussions for your loved ones. Estimates suggest that around 55% of American adults do not have a will or any form of estate plan. Here are two key reasons you should avoid being one of them:
Creating an estate plan goes beyond just passing down assets and minimizing taxes.
The primary focus should be on family. Any legal disputes regarding the estate can lead to irreversible rifts among family members. Unfortunately, this is often an unavoidable consequence of legal battles, and I have yet to encounter a client who intended to create discord among their loved ones. When executed correctly, an estate plan conveys the deceased’s financial and personal desires to those they leave behind, regardless of the estate’s value.
Estate planning can safeguard individuals from themselves and others.
For example, if a 20-year-old inherits a substantial fortune, it’s likely that businesses will see a surge in sales as the young beneficiary splurges on extravagant purchases. More commonly, the deceased would have wished for the young heir to invest in education, a home, and save for future needs. Trusts can help achieve that goal.
After dedicating a lifetime to building a family, nurturing relationships, and creating an estate, investing a few hours of legal expertise is a small price to pay to ensure that everything remains aligned with our intentions.
For further details or to arrange a private legal consultation, reach out to Colin Smith at colinsmithlaw.com or 972.773.9095.
