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Consider the many reasons to create an estate plan

Many people assume that they don't need to create an estate plan. They believe that their assets will automatically go to their spouse or children upon their death.

While there is no legal requirement to create an estate plan, there are many reasons why you should consider doing so (if you have yet to take action).

Above all else, estate planning will give you peace of mind. Once you have the right type of plan in place, you'll feel better about everything the future will bring.

Here are some of the other reasons to create an estate plan:

-- To avoid probate. Did you know that the use of a living trust will allow your estate to avoid probate? As a result, your loved ones don't have to wait around for the distribution of your assets, and your estate can avoid unnecessary probate costs.

-- To minimize estate taxes. You probably don't like the idea of a significant portion of your estate going toward federal or state taxes. If you want to protect against this, you need to create the right type of estate plan.

-- To help your family avoid disputes. Even if you think it will never happen, families have a way of getting upset when a loved one passes on. With an ironclad estate plan, you don't have to worry about disputes. Although somebody may be upset with your decisions, your wishes are 100 percent clear.

-- To assist someone with special needs. For example, if you have a child with special needs, you'll want to create an estate plan that will protect your loved one in the future. An example of this would be the creation of a special needs trust.

These are just a few of the many reasons to create an estate plan. As you move through the process, you will soon find that there are other things you can do.

Estate planning is not something you should tackle on your own. Although you may have access to tools, you are better off consulting with an experienced estate planning attorney.

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White Peck Carrington | 26 Broadway | P.O. Box 950 | Mount Sterling, Kentucky 40353-0950 | 859-274-4115 | Fax: 859-498-7363 | Map & Directions