There is a general misconception that making a will or establishing a trust is a task that only extremely wealthy people need to worry about doing. In fact, the estate planning process may offer several important benefits to people with a variety of income levels. Here are some key considerations about why you may need to begin the process of creating an estate plan or review an existing plan.
Assure That You Create a Valid Will
In some cases, people think that they have a valid will in place but in fact do not. Procedural formalities or changes to the law could cause a seemingly valid will to be unenforceable. A legal review of your current plan can verify if your documentation is complete. If you need help from an estate planning firm Louisville KY, reach out to a practice with extensive experience serving clients in the area.
Avoid Uncertainty and Confusion
Families can experience a lot of uncertainty and even tension when they don’t have a clear picture about what will happen with a loved one’s assets. Formalizing a plan and appointing an executor to administer an estate makes a difficult time more navigable for a grieving family. It also mitigates the possibility of disputes. In this respect, it helps families remain on good terms and supports positive relationships.
Expedite the Distribution of Your Assets
If a probate court has to decide what to do with your estate, there may be considerable delay before your loved ones have access to the proceeds. Establishing a plan spares your loved ones from hardship while they wait for the probate process to conclude.
Everyone’s circumstances are unique, so printing out a form that you find online may not be the best route to make an effective estate plan. When you plan your estate, you can customize solutions that meet your unique needs.