04 Jan The Top 5 Reasons To Create An Estate Plan
Here are the top 5 Reasons that you should create an estate plan as soon as possible:
- 1. Financial security for your family members. What would happen to your spouse and children if something were to happen to you? Would they have the financial means to go on? Without a plan in place and the income replacement given by life insurance, your family’s standard of living may suffer. With a plan securely in place, no one has to worry about the unforeseen future.
- 2. Business ownership transfer. If you own a business and have no estate plan, who will take over? Will the company continue? Your family or partners could lose control of the business. With a plan, the destiny of your business is up to you.
- 3. Minor children or children with special needs. Who will raise your children if you pass on in an untimely manor? Children with special needs may be at risk of not being eligible to receive your benefits from SSI and Medicaid, and may have to use their inheritance to compensate. Who will take care of them in the event of your death? Without a plan, the court could make all the decisions and those decisions may be far from what you would have wanted for your children. With a plan, your wishes will be legally bound and carried out to the letter.
- 4. Loss of capacity. What happens if you become mentally incapacitated and you are no longer able to make your own decisions? You could end up with a court appointed social worker who will do what the court directs them to, regardless of how you feel. With a set power of attorney, the choices are still yours.
- 5. Avoiding probate. Those who die without an estate plan risk having the probate court control many decisions, leaving your family waiting… possibly for a long time. Much of the hassle of probate can be avoided with an estate plan.
Are you ready to make a plan? Contact BHR Life to see what we can do for you and your employees by telephone or through the website — click here to reach out and get in touch with us today.