Why YOU Need An Estate Plan

Whether you have no estate plan, or have an old estate plan, this article is for you. 

Ever wonder what your legacy will be when you pass on? Having a well-drafted estate plan can ensure you leave a positive legacy. 

Here are a few reasons why you need to put an estate plan in place:

1. Without a will or trust, the government will dictate what happens to your assets, real estate and personal belongings.

2. If you become incapacitated, you need to ensure that you appoint a person you trust to manage your affairs and make health care decisions for you.

3. Protecting your kids, grandkids or others from their own bad habits (spendthrifts, etc.) and external problems (creditors, divorcing spouses, bankruptcy, lawsuits) is more important than ever today. Do you really want your heirs to squander the inheritance you leave them?

4. You must have an Executor or Trustee appointed to manage your estate when you pass on. If you do not name an Executor, the state will appoint one for you.

5. By putting a plan in place, you may be able to reduce taxes and fees for your estate.

6. You can reduce or avoid conflicts in your family by having a well-crafted estate plan.

7. You can create trusts for your kids or grandkids to ensure the inheritance is spent as you wish, such as for college, a new house, etc.

8. An estate plan helps organize your affairs, accounts, and belongings, making it easier for your family to determine how to distribute your estate.

If your plan is not up to date, or you do not have a plan, please give us a call at (215) 706-0200 to schedule your consultation with Your Estate Planning Attorney Jeremy A. Wechsler.