1. Avoid a lengthy probate process. Having an estate plan, whether that involves just a will or a trust and a will, can significantly speed up the process. Probate can be notoriously time consuming, but having a solid will in place can greatly help make the process smoother. A will can name the personal representative for the estate. The will can name a guardian for minor children of the decedent. A will can also clearly set forth who is to inherit what assets from the estate.
2. Minimize estate taxes and avoid legal challenges. If you think that your family might disagree about your assets, you should consider putting your wishes in writing. Similarly, if you are trying to leave a legacy or support your family after you pass, working to help ensure that your estate is protected from unnecessary taxes can be important for your family’s future.
3. Control what happens to your assets after you pass. Whether you want to leave everything to your kids or make a donation to your favorite charity, there can be no guarantee that what you want will actually happen if it is not part of your estate plan. This can be especially true if there are people you want to exclude. For instance, if you are estranged from a parent, and fail to specifically exclude them, they could inherit from your estate. The will can also be where you can decide who will take care of your minor children, rather than letting the court decide which of your family members would be best, and you can decide who is in charge of managing your estate.

If you are thinking about creating an estate plan, our office is here to help. Please contact us to set up a meeting time.