Remember, if you don’t take control of your estate plan, someone else will and default rules will apply, whether or not they make good sense for your particular situation.
Here are the 5 core reasons why you should organize your estate:
- Without an estate plan you lose the ability to name a trusted individual to act on your behalf if you become disabled or unable to manage your own affairs during your lifetime.
- Your assets may not go where you want them to go.
- You forfeit your right to name a personal representative, trustee, and guardian.
- You lose the opportunity to protect your assets.
- You may pay more estate taxes.