The top 5 reasons to create an estate plan
Many people think that they are too young or don't have enough money to reap the tax benefits of an estate plan. But regardless of your age or net worth, there are a number of reasons you need an estate plan:
1.) Make sure your true wishes for property distribution are followed—There are many unfortunate cases where the lack of a formal and valid will frustrated the true wishes and desires of a person regarding who should inherit their property.
2.) To appoint someone to administer your property—By appointing your own executor or successor trustee, you can appoint someone you trust.
3.) To appoint a guardian for your minor child—Without a will, a probate judge has little guidance in choosing the right person to care for your child.
4.) Financial security—Without an estate plan and the income replacement provided by life insurance, your family may be unable to maintain its current living standard.
5.) To provide advance health care plans for emergencies—Unfortunately, situations may arise where you are unable to communicate or even incapacitated. Through the use of a living will or a health care power of attorney, you can ensure that your wishes regarding your health care in the event of an accident will be followed.
Estate plans are for everyone. For help creating yours, contact The Law Offices of Ken Mitchell-Phillips today.
The Law Offices of Ken Mitchell-Phillips, P.C.
1217 NE Burnside Rd, Suite 801, Gresham, OR 97080