Why Do I Need an Estate Plan?

The question is a simple one … Why Do I Need an Estate Plan?

 

Every person, regardless of wealth, is in need of an estate plan. If you do not have an estate plan, then your assets will pass to your loved ones not in accordance with your wishes, but in accordance with what the state law says.

 

Every day I hear people tell me … “Dan, I have a simple case. I do not think I even need an estate plan.”

How is your estate simple? Let me share with you some of the questions I may ask someone who asks me this question:

1.Do You Children From a Prior Marriage?

2.Are Your Children in Healthy Marriages?

3.Do You Have a Plan to Ensure That Your Assets Pass Smoothly and Intact to Your Children After You Die?

4.Do You Have a Plan to Ensure That Your Children’s Inheritance Are Not Lost Due to Divorcing Spouses, Creditors, Lawsuits, and Other Predators?

5.Are Your Retirement Accounts Set Up to Pass To Your Children in a Tax Efficient Manner?

6.How Do You Plan on Paying for Long-Term Medical Care?

7.Will You Be Paying for Your Elderly Parents Long-Term Medical Care?

8.What Will Happen if One of Your Children Predeceases You or is Incompetent/Disabled at the Time of Your Death?

9.Do You Want to Leave Behind a Legacy and Something More than Just Money?

10.Is Your Spouse Prepared for the Tax Burden When He or She Sells Your Home After You Die?

11.What is Your Plan Should One of You Become Disabled in Life?

12.Who Will Your Surviving Spouse Call When The Unthinkable Occurs?

 

I could go on, and on, and on. Every time I ask these questions and similar questions families quickly realize that everyone needs an estate plan, and there is no such thing as a “simple estate.” Every family’s situation is unique and should be given the same level of care and attention that you would want a surgeon to give to a family member during surgery.

Before you write off whether or not you need an estate plan, just remember, everyone needs an estate plan.

If you feel you want to make things easy and simple on your family when you pass away or in the event of your incapacity, please contact your Nashville, Tennessee Estate Planning Attorney, Dan Perry, by calling our office at (615) 472-2482 so that we can discuss the right strategy for you and your family.

Daniel A. Perry
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Focused on helping seniors, individuals with disabilities and small business owners make informed decisions.