Many people commonly assume that unless they are wealthy, there is no need to prepare an estate plan. This could not be further from the truth. In fact, a will (or some other form of estate planning) is an invaluable tool to ensure that a number of protections are in place for those closest to you.
These protections extend far beyond who gets a certain piece of furniture in your house or how your coffee mugs are divvied up.
While wills and other devices can be used to bestow certain possessions or amounts of money on specific people, the primary purpose is to protect you, your legacy and your loved ones from having a stranger make those decisions. For example, if a person passes away without a plan in place (known as dying “intestate”), ownership of that person’s possessions (and custody of any minor children) will likely be determined by the court system using a process set out by law, regardless of whether you may have wished otherwise.
Precious family heirlooms, bank accounts, homes and other such things will be divided according to a judicial determination in an impersonal, public courtroom.
By taking some time to plan ahead, difficult times can be made much less stressful and anxiety-inducing for those closest to you. Children, spouses, parents and other loved ones can be spared many of the uncertainties they would otherwise face. And you can be assured that you (and not the court system) will be the one choosing how your legacy is shared with those you love and care about the most.
Should you wish to find out more about how you can protect your family and your legacy, we invite you to call or email us today.