An estate plan is vital because it allows your assets to be distributed at your death in the way you choose and that your wishes are respected. In a previous article, we discussed 4 reasons to create an estate plan; read on for 4 more.
Secure An Education For Family Members
Estate plans can help you fund education for your family members. Some of your children or grandchildren may not have the funds to go to college or university after high school. You can help them obtain an education by leaving them funds. However, there is always a risk when leaving money to a younger person for this purpose (especially if they are under age 18), that the funds may not be used for an education, thereby depriving your beneficiary of the benefit you intended to leave to them. To avoid this, your estate plan can include an Educational Trust, which designates that certain funds are only available for educational purposes.
Provide For Blended Family Situations
An estate plan can help to protect your children and grandchildren’s inheritance from unconventional situations that sometimes arise in a blended family. Sometimes one or more of your children may get married and divorced, your grandchildren will have stepparents, or other situations may arise in which someone who is not a blood relative may be in a position to wrongfully deprive your family members of assets you intended for them. An estate plan becomes of paramount importance in these situations, because it greatly increases the likelihood that your assets will be distributed in the way you intended.
Help Plan For Potential Nursing Home Stays
Your estate plan can be designed to help protect you and your family from losing money to nursing homes. A stay at a nursing home can be extremely expensive, and a large burden on the family of the nursing home resident. A properly designed estate plan can ensure that your family still has funds to care for themselves after you or your spouse have stayed in a nursing home.
Address Specific Needs
A properly designed estate plan is not a one-size-fits-all proposition. The estate planning needs of individuals and households vary widely, making it crucial to work with a professional who can tailor your plan to your particular needs, and those of your beneficiaries. An estate plan can allow you to list specific assets and to whom they should be given. If family members have particular needs you can also plan and accommodate those needs.
We Can Help You Create An Estate Plan
If you would like to create an estate plan, we are happy to assist you. Our estate planning attorneys are knowledgeable, experienced, and prepared to guide you through the process. We believe that no matter what your financial situation may be, an estate plan is crucial in ensuring that your wishes for distribution of your assets are respected. Please reach out to us today to schedule an appointment with one of our attorneys.