Therere likely a zillion reasons you need estate planning! Really. Below are 21 of these zillion reasons for estate planning.
1. Youre 18 or older. (Everyone, age 18 or older, needs an estate plan.)
2. You have children and want to ensure they are cared for no matter what.
3. You have pets.
4. You want to save every last tax dollar possible.
5. You want to avoid the publicity, cost, and time delay associated with probate.
6. You have loved ones.
7. You dont want to be hooked up to machines at the end of life.
8. You want to be an organ donor and save up to 8 lives.
9. You want to have a say in who raises your children if you should die.
10. You want to ensure that your children never get placed into foster care.
11. You dont want to be a burden on your loved ones.
12. You want a say in your funeral, memorial service, or wake plans.
13. You want someone you trust to make health care decisions for you if you are unable to do so yourself.
14. You may need long term care some day.
15. You want to remain in control of your assets.
16. You want to make a dent in the universe.
17. You want to ensure that your childrens inheritances arent taken by divorcing spouses.
18. You want to give a gift to your mother, but dont want to disqualify her from receiving Medicaid which pays for her nursing home care.
19. You want to be sure that your assets are used for your spouse and children and dont go to a second spouse if your spouse gets remarried after your death.
20. You want to ensure there are adequate resources for your retirement and your childrens college education.
21. You are unsure whether you have adequate insurance coverage.
If you have questions about these 21 reasons you should have an estate plan, consult with a qualified estate planning attorney.