Estate planning is essential, yet many people don't start estate planning until they're older. Some never do. Many people believe that they don't need estate plans because they don't have significant assets. Others just put it off until it's too late.
There are many reasons why you may want an estate plan. Here are three that you should consider.
1. You have children
When you have children, you want to have a will. You also need to name a guardian in case you and your spouse pass away or are unable to provide them with care because you become incapacitated. You may also want to appoint a conservator to help manage your children's assets until they reach adulthood.
2. You want to help your family avoid probate
Probate is a time-intensive process. There is a loss of privacy, delays and many expenses to consider. If you have an estate plan, your family may be able to will help your family avoid dealing with probate court.
3. You want to give to charity
Finally, setting up an estate plan is wise if you want to leave assets to charity. You can name a charity as a beneficiary in your will or set it up as a beneficiary of a charitable lead trust (CLT). You can even set up a charity to be a beneficiary of your retirement account.
These are just three of many reasons why you should set up an estate plan. An experienced estate planning attorney can help you develop a plan that will help you fulfill your goals.