Do you have basic estate plan documents in place to protect you and your family? Estate planning is one of the most overlooked areas of personal financial management. According to the National Association of Estate Planners & Councils, it is estimated that more than 120 million Americans do not have up-to-date estate plans in palce.
Why do you need a basic estate plan? In a previous article, we explained the importance of having a basic estate plan. There are several reasons why it is a good idea to have a basic estate plan in place:
- A basic estate plan gives you the power to make decisions you believe are in the best interest of your family, instead of someone else making those decisions when you have passed away.
- To protect your assets and guardianship of children.
- An estate plan also ensures your property is divided as you intend. Without it, your property will pass according to the law of the state where you live at the time of your death.
- A good estate plan can also reduce or eliminate the amount of inheritance taxes your estate benefactors will be required to pay.
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