You've worked hard to build your assets—your investments, your home, your treasured possessions—and to provide a level of financial security for your loved ones. Doesn't it make sense to work just as hard to protect those assets for your heirs?
That's the primary goal of estate planning—to protect, preserve and manage your estate if you die or become disabled. Some people see no need for estate planning until they reach a certain age. Others believe that it's only for the wealthy. But in truth, it's wise for everyone to start the estate planning process as early as possible.
Without an estate plan, the fates of your assets and your loved ones may be decided by attorneys or the government. The state could decide who will care for your minor children. Taxes and legal fees could eat away at your estate, and distribution of your assets could be delayed at a time when your heirs need them most.
So why doesn't everyone have an estate plan? Aside from a natural reluctance to face our own mortality, some people are put off by the belief that estate planning will be complicated, time-consuming and costly. But setting up an estate plan doesn't have to be complex.
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BY: LEE RUTH
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