Jan 2016

Why Is It So Important to Make an Estate Plan Now?

Estate Planning: Don’t Delay

Fans of Jimi Hendrix, Barry White, and Bob Marley might be surprised to learn these three music icons shared one very significant thing in common: All three died without leaving a last will and testament behind.

Furthermore, they are not the only famous, wealthy individuals to have died without a will. It comes as a surprise to many people, but there are actually quite a few celebrities who have passed away without addressing what happens to their assets and how they will provide for their loved ones.

Although it is difficult to understand why a person with significant personal wealth would neglect estate planning, there is a reasonable explanation for this trend. Simply put, few people like to think about death or incapacity. Just because someone is famous or wealthy does not mean they are really any different from anyone else – especially when it comes to contemplating leaving loved ones behind.

These cases illustrate why it is so important to create a comprehensive estate plan. There are numerous reasons why you should consider estate planning now, including:

Providing for your children – If you have young children, estate planning allows you to appoint a responsible person to look after their money and their upbringing. With a plan in place, you – not the court – are in charge of naming your children’s guardian and conservator.

Loss of capacity – Death is not the only reasons to have an estate plan in place. What happens if you become disabled? What if you no longer have the mental capacity to look after your own health and finances? An estate plan means you get to choose which people take over your checkbook and your important health care decisions.

Business ownership – A sudden loss of leadership can bring a business to its knees. If you are a small business owner, you need a business succession plan. Eliminating the guesswork that can dominate a business after an owner’s death or incapacity can ensure your business stays profitable should something happen to you.

Financial security – An estate plan is not just about what happens to your assets when you die. Today’s estate planning incorporates your retirement and your lifestyle as you age. These are important questions that require early planning to make sure you have enough resources to really enjoy your retirement years.

Springfield, Missouri Estate Planning Law Firm

Have you been putting off estate planning? At the Law Office of Randy L. Smith, LLC, we help people create estate planning documents that provide peace of mind. Call today at (417) 841-2775 to speak to an experienced estate planning lawyer about your case.

This website has been prepared by The Law Office of Randy L. Smith, LLC for informational purposes only and does not, and is not intended to, constitute legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice from an attorney licensed in your jurisdiction.