Top 10 Reasons for Creating a Will and a Sound Estate Plan
1. A sound estate plan can save your family thousands of dollars in taxes and legal fees.
2. If you don't have a plan, the government will decide who will receive your property.
3. If you don't have a plan, your spouse or partner may not receive the property you intended to provide.
4. Most people can avoid or reduce estate taxes with the right plan.
5. Naming a legal guardian in your will is the way to choose who will raise your minor children if you are gone.
6. Creating a durable power of attorney ensures that someone can pay your bills and sign legal documents if you become disabled.
7. Having a medical directive will provide guidance about your health care wishes in the event you become incapacitated.
8. You can avoid the unexpected results of owning property in joint name when you understand the rules.
9. You can make gifts to your favorite charity to reduce estate taxes but still provide for your family.
10. A good estate plan can preserve your assets for your children's use and prevent them from wasting those assets.