Why Do Rich People Have Estate Plans?

When you hear the term estate plan or Trust, what is the first thing that comes to mind? For some of us, the first thought may involve very wealthy people. Their “Trust Funds”, overseas bank accounts, commercial property, etc. 

Estate planning is also very effective for everyone’s unique financial situations and other circumstances. More and more people are learning about the advantages of creating an estate plan. When creating an estate plan, you should more concerned about how to plan for your assets over the value of the assets.

When to Create an Estate Plan?

Estate planning is often not considered a priority which can lead to problems for you down the road. Planning is something to consider at all ages because of the uncertainty life can present to us. 

There is a tremendous risk with waiting to start planning. As people get older, they may suffer an injury or have a serious health decline. This would cause you and your loved ones to rush to start planning, if at all, in a short time frame. Our firm has seen this too often, but this is something that you can prevent. 

Planning at an earlier age allows you to make the best decisions for yourself. This will save you and your loved ones a lot of money and stress in the future.

How an Estate Plan Benefits You?

Our firm produces estate planning documents. These legal documents give you the power to plan and prepare for health. This includes your financial crisis, even after your death. 

In the event you become incapacitated and unable to decide for yourself, you need someone will need to decide on your behalf. Decisions involving your health and finances are very common situations for someone incapacitated. 

There are the assets that you worked your entire life to achieve. Your assets, regardless of their value, will be subject to probate when you die. Probate costs about 5% of your entire estate and can take months or even years. As the time to complete a probate increases, so will the bills to pay for everything. 

If you were to die without a Trust in place, your assets may not even go to the people you care for the most. This is why it is so important to create an estate plan. Be in charge of what you want to happen to you and your assets. Get peace of mind on all things that are important to you and your family. 

To learn more about why an estate plan is right for you, please schedule a consultation with our firm. Get started as soon as possible.