Why is Estate Planning So Important?

According to many surveys, the majority of Americans don’t have an estate plan. Many of us know why we SHOULD have one. When I ask clients why it’s important to have a plan in place, most times they state two things.

  1. We don’t want the government to get our money.
  2. We don’t want to have our estate go through probate.

Those are both great reasons to do proper planning. But what are some others?

If you don’t say what you want to happen after you die, Missouri has rules about who will receive your property. Those rules might not be the way you would have chosen your property to be distributed, and it might not be the PEOPLE that you would have chosen to get your property. At the National Network of Estate Planning Attorneys, our motto is that we want clients to “give what they have, to whom they want, when they want, in the way that they want, all while passing on their values along with their estate.”

If you have minor children, and don’t say who you want to be the guardians for them; and you die before they turn 18, a judge will pick their guardian. The judge doesn’t know your family members or your kids. Who the judge picks might not be the best fit, and probably wouldn’t be who you would have chosen.

If you do not have a plan in place for who makes decisions for you for health care and finances if you become incapacitated, your family will have to go to court to get guardianship and conservatorship to take care of your needs. A judge with make that determination. This is a public proceeding, which is time consuming and expensive. With proper planning, this can be avoided.

These are just some of the reasons to have proper planning in place.

Speak to a St. Charles Trust and Estate Planning Attorney

Polaris Law Group takes pride in offering an effective, full-service experience to our clients. If you want to ensure that you and your family are properly cared for, contact Polaris Law Group’s experienced trust and estate attorneys, Scott Stork and Raymond Chandler today. Scott and Raymond are seasoned estate planning attorneys and are members of the National Network of Estate Planning Attorneys, the National Academy of Elder Law Attorneys, and Elder Counsel. Schedule a meeting by phone or by filling out a quick contact form today.

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