There are many reasons to begin planning your estate. One of the most important reasons is avoiding probate. Changing how your assets are held means beneficiaries can receive assets within weeks, not many months. Avoiding probate can also save thousands in legal fees for heirs.
By planning your estate, you can reduce other expenses for heirs, including estate taxes and other final expenses. Estate planning is also used to appoint a guardian for minor children, set up trusts or an inheritance for children, arrange support for special needs adults, and decide how your belongings will be distributed. You may also use estate planning to protect assets from creditors and lawsuits. Estate planning can be used to make final arrangements. If you ever become ill or incapacitated, estate planning can make your medical wishes known and appoint someone to handle your finances and medical needs.