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Do I Really Need An Estate Plan?

In a word,  ABSOLUTELY.  Here are ten reasons why everyone needs an estate plan.

  1.  You can name the guardians for your minor children. If both parents of minor children (under 18) die without wills naming guardians, the court will appoint a guardian to care for the child and make all legal decisions for the child.
  2. Providing for family members with special needs. Family members with special needs may need special care, which requires special planning.  Without proper planning, the health and financial status of the disabled family member could be jeopardized.
  3. Second Marriages and Beyond.  With divorce rates above 50 percent, many families have children from prior marriages.  Agreements not to change estate plans are hard to enforce.  With proper planning the surviving spouse and children from a prior marriage can be protected.
  4. Streamlining Probate.  With proper planning, probate is not a cumbersome, lengthy, or expensive process.  Without proper planning, or worse, with no planning, probate can be a nightmare.
  5. Avoiding the need for guardianship.  Adult guardianship proceedings can be expensive and unpredictable.  With proper planning and proper documents, the family members you choose will be able to act on your behalf if you become incapacitated.
  6. Protection from inlaws, outlaws, predators, and creditors. Through a trust you can protect your beneficiaries from giving their inheritance away, whether it is to a con artist, an ex-spouse, ex-business partner, or the beneficiary’s own bad judgment.
  7. Insure your estate goes to the people you choose.  Without an estate plan, the state decides who shares in your estate, which may or may not be what you had in mind.  With proper planning, you decide who shares in our estate and who does not.
  8. Provide for continuation of the family business.  Without proper planning most family businesses do not survive the transition from the founder to the second generation.  Even fewer survive from the second generation to the third generation.
  9. Flexible Planning. With proper planning you estate can be flexible to meet your changing family and financial needs and circumstances.
  10. Peace of mind.  Knowing you have an estate plan that directs your estate only to those you choose gives you tremendous peace of mind.
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  • Greensboro Office
    300 N. Greene St
    Suite 200
    Greensboro, North Carolina 27401
    Phone: 336-232-0671