14 Most Common Reasons to do Estate Planning

14 Most Common Reasons To Do Estate Planning

  1. Choose who will mange your affairs if you become disabled and when you pass away.
  2. Plan for Medicaid and the cost of long term health care if you must go into a nursing home.
  3. Avoid probate, during your lifetime and after you pass away.
  4. Protect your children from a prior marriage if you pass away first.
  5. Protect assets inherited by your heirs from lawsuits, divorces, bankruptcy and other claims.
  6. Impose discipline upon children (and/or grandchildren) who may not be capable or experienced in managing money.
  7. Provide for special needs children and grandchildren.
  8. Insure that a specific portion of your estate actually gets to grandchildren, charities, etc.
  9. Protect a portion of your estate if you pass away first and your surviving spouse remarries.
  10. Address different needs of different children.
  11. Prevent or discourage challenges to your estate plan.
  12. Reward/encourage heirs who make smart life decision, and prevent the depletion of your estate from those who do not make smart choices.
  13. Assure an education for children/grandchildren, despite what they (or their parents) dream of doing with the inheritance.
  14. "Blended" family estate planning: assure the step-parent doesn’t spend your children’s inheritance and/or provide for a spouse without sacrificing the intended legacy for children of a prior marriage.