Most Common Reasons For Estate Planning

Most Common Reasons For Estate Planning

1. Designate who will manage your financial affairs if you become mentally disabled.

2. Who will make Health Care decisions for you if you are unable to make them for yourself due to a mental incapacity.

3. Avoid probate, either during your lifetime or when you pass away.

4. Protect children if you pass away.

5. Protect from lawsuits, divorces and other claims, any assets inherited by your loved ones.

6. Impose discipline upon children (and/or grandchildren) who may not be experienced in managing money.

7. Provide for special needs children and grandchildren.

8. Insure that a specific portion of your estate actually gets to grandchildren, charities, etc.

9. Insure that your estate goes to your Domestic Partner, rather than to your blood line heirs.

10. Protect your portion of the estate if you pass away and your spouse remarries.

11. Address different needs of different children.

12. Prevent or discourage challenges to your estate plan.

13. Reward/encourage heirs who make smart life decisions, and prevent the depletion of your estate from those who do not make smart choices.

14. Assure an education for children/grandchildren, despite what they (or their parents) dream of doing with the inheritance.

15. Assure the step-parent doesn't spend your children's inheritance.

16. Avoid Federal Death Taxes.

17. Avoid unnecessary Attorney Probate fees.