We understand that preparing an estate plan is not something that you want think about because it contemplates your death. You may think you are too young or possibly, you cannot imagine not being there for your family. However, it is exactly the reason you should have estate plan. If you die suddenly, your family will already be dealing with a great tragedy. Having an estate plan in place will ease the additional burdens of administering your estate and leave you with peace of mind during your lifetime. Consider some reasons you should have an estate plan.
1. An estate plan creates a plan of care for your children.
2. It preserves your assets for chosen beneficiaries.
3. It will prevent disagreements among your beneficiaries.
4. You may be able to minimize tax consequences and maximize the transfer of wealth from one generation to the next.
5. You ensure that a trusted person will administer your estate.