Late-night TV talk show host David Letterman ended his 33-year run on NBC and CBS in May 2015. One of the recurring segments in both of Letterman’s shows was a humorous “Top 10” list. Unlike Letterman’s shows, estate planning is no laughing matter, so the list that follows is Part One a group of 10 entirely serious reasons why you should create Legacy Assurance Plan for an estate planning, and do so without delay.
- To plan for incapacity. If you suffer a debilitating injury or illness that leaves unable to make or voice decisions for yourself, your plan will give the person you want the authority to make decisions on your behalf, whether those decisions involve your personal and health care matters or your financial affairs. With no plan, your loved ones may be forced to endure a potentially time-consuming and expensive court process in order to have a judge appoint a guardian or conservator to make decisions for you.
- To plan for loved ones with special needs. If you have a loved one with special needs who receives assistance or benefits through government programs, you probably know how important those needs-based programs are, and therefore how important maintaining eligibility is. Your plan can help you leave part of your wealth to your loved one with special needs, but structure it in a way that it does not interfere with your loved one’s continued qualifications for benefits and assistance. Without a plan, your loved one might be forced to make the choice between losing his/her eligibility for continued benefits or renouncing the receipt of anything from your estate.
- To plan to avoid intestacy. Everyone already has an estate plan. Either you have the one you created yourself or you have the one your state’s government created (probably many decades ago) and enshrined in your state’s statutes. Whether you have non-relatives you wish to remember in your estate, or a family member that you have decided to disinherit, or you just desire to have the control that comes with directing your legacy in a hands-on manner, creating your own plan allows you to customize your legacy and have the maximum level of control.
- To deal with the unique elements of your blended family. Lots of families today look very different from the “Ozzie and Harriet” model of the 1950s. However, many state laws have not caught up with the world of the modern family. With an estate plan, you can customize your affairs to ensure that your estate will both provide for your current spouse and your children from a previous marriage. Without a plan, you could end creating a situation where someone could get an amount you did not desire, or could get unintentionally disinherited completely.
- To plan for your minor or disabled children. Undoubtedly, caring for your children is one of the most important duties in your life. Part of making sure that you have provided for your children involves making sure that their needs are met if something happens to you. With an estate plan, you can inform the courts who you want to care for your children in the event that you (and/or your spouse) is unable to do so. With no plan, the judge must simply make her own determination about what is in the best interest of your children, with no input from you.
There are so many compelling reasons to establish an estate plan, and to do so without procrastination. While this article, along with its companion Part Two, discusses 10 issues, there are many more. Chances are, regardless of your situation, you have a good reason (or reasons) to make sure that you have a complete estate plan created and executed right away.
Summary: Legal and financial experts agree that everyone should take the time to create an estate plan, and do so without waiting. The advantages of an estate plan are so numerous that almost everyone can benefit in one or more ways. Whether it is protecting your loved ones, or seizing the satisfaction of controlling your own affairs, getting an estate plan promptly is a wise choice for just about everyone. Legacy Assurance Plan help to protect you legacy Property.