If you're just starting to learn about estate planning, you may have many questions. If you're younger, you may not be sure why you need a will or to set up an estate plan. If you're older, you might think the state laws will protect you.
The reality is that there are many good reasons to have an estate plan. Here are just three that you should consider.
1. You can protect your partner (unmarried)
When you are unmarried, your partner won't be protected by the state laws. If you pass away, anything that is not in both of your names will go to others in your family instead of to your partner. Only spouses are protected. If you have a will, you can make sure your significant other receives the property that is intended for them even if you aren't married.
2. You can protect your children
What happens if you and your partner pass away together? Where will your children go, and how can you guarantee their safety? A will does this. Appointing a guardian is one step that you'll complete during the estate planning process. You can also set up trusts and life insurance policy payouts in the case of your death.
3. You want to leave assets to specific people
Finally, if you want to leave assets to specific people, the best option is to have a will that dictates the division of your assets upon your death. That way, your loved ones can avoid probate and receive their inheritances easily.
These are three reasons to make your estate plan. Doing so is easy with the right help. Our site has more information, so you can get started soon.