As estate law experts in central North Carolina, we’re often asked if having an estate plan is really worth it. Most people think that estate plans are for the mega-rich, not for everyday people like themselves. This couldn’t be further from the truth. In fact, those who don’t have excess resources could be leaving their loved ones in a pinch without proper estate planning that they may need to maintain their lifestyle.
Here are four reasons why estate planning is worth it:
- Protecting family assets: By clearly defining the terms of an estate’s distribution, having an estate plan helps ensure a family is having their needs met.
- Securing guardianship and children’s futures: An estate plan is essential for parents of young children. Not only should it appoint guardians to take care of the children, but also allot funds to help in their upbringing.
- Living wills and health wishes: When people hear the term ‘living will’ they think it only applies to life support. This is only part of it. We all know someone who has not been able to advocate for themselves for a variety of reasons: injury, dementia, mental health issues, and more. An estate plan should include provisions for what a person wants in the event that they are unable to make their own health and financial choices.
- Peace and clarity for family and loved ones: When someone passes, their family and loved ones are obviously hurt. Usually, their focus shifts to ensuring the deceased wishes are followed, and that any final arrangements and distribution of the estate honor that person. A will provides these answers for them.
So when we’re asked if it’s worth getting an estate plan the answer is always yes. No matter how big or small the estate is, having a plan in place is important. To get started on an estate plan, contact Thornton Law Firm.