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5 Reasons Why Estate Planning is Important

Drexler Law Estate Planning Attorneys

Planning for your family’s future if you are incapacitated, or the unfortunate event of your passing, is not just for the wealthy. Whether you are protecting your children, planning how you will be taken care of or dividing assets, setting a plan will save everyone the stress of trying to guess about your wishes. Here are the top 5 reasons why an estate plan is beneficial:

  1. Protect Families with Young Children: Although the thought of passing while your children are young is upsetting, you will feel a lot better knowing that your child’s future is protected. Setting up a plan for finances, guardianship and the way in which your children are taken care of is a way to show your children how much you love them.
  2. Eliminate Family Drama: The fights, drawn-out conflicts and messes that can ensue if assets are not spoken for in an estate plan are often fodder for movies and TV. Though it makes for humorous entertainment, the same is not true for real life. Whether siblings are fighting over property or distant relatives are popping up out of the woodwork to stake their claim, you can protect your wishes by creating an estate plan. This will enable you to choose who will take care of you if you become incapacitated or, after your passing, who will receive your assets.
  3. Appoint a Conservator: Not only can you appoint a guardian for your children, you can also appoint a conservator. This person will oversee management of the assets you have designated for your children as well as seeing that your wishes are carried out.
  4. Avoid Probate: Making sure that your estate does not go into probate is one more way to eliminate family stress after you pass on. Probate is the court supervised process of authenticating your will and assessing the value of your assets, paying off any remaining bills or taxes and then distributing any remining assets as the court deems fit.
  5. Peace of Mind: Knowing that you have a plan in place, and that your assets and children are protected can help you rest easy. The more you plan and release these types of stresses from the shoulders of your family, the better you will feel.

Colorado Springs Estate Planning Attorneys

Our team understands the importance of estate planning for your family’s future. We know how stressful it can be and understand the kinds of conflicts that arise when there is no plan. Don’t leave your family in the dark about your wishes for inheritance, beneficiaries and property division. Let our Colorado Springs estate planning lawyers help you set up a detailed and efficient plan for your assets so that your desires are clear. In the event of unfortunate incapacitation or passing, your family will be relieved to know that you planned ahead.

Contact out firmtoday to discuss your estate planning needs. Call (719) 259-0050.