You probably enjoy planning vacations, your shopping endeavors and meals, but you probably do not want to think about what happens after you die. It is not as fun as other forms of planning, but it is the only way to think about where all of the assets you worked hard for will go.
No, it is not just for the rich. The distribution of any estate can have serious implications when you die without a will, even if you do not have several houses, a large amount of cash or valuable items. If you are not convinced yet, there are a few more benefits of estate planning. Here is what your heirs will get from this practice.
It protects your beneficiaries
While a comprehensive estate plan with a will and directives was once only a thing for the rich, that is not true anymore. Today, middle-class families also have to plan for what happens when a family member passes. After all, you want to protect your beneficiaries, no matter what level of income you have.
It protects your young children
While you probably want to see your children grow, if you have young children, you need to make sure you plan for their best interests in case you die. You can do this with a properly executed will.
If you want to protect your assets when you are gone, you need an estate plan. Without one, your heirs will face major tax burdens, the court will decide how to divide your assets and you will not know who will care for your children.