Why Estate Planning is for Everybody

Here’s why you can’t afford to overlook estate planning.

Estate planning is the process of arranging your estate; planning what you want to happen to your assets, who will get your belongings, and when and how you want your estate to be distributed. Here’s why estate planning is important for everyone, even you.

Everyone Has an Estate

Regardless of what you might think, everyone has an estate. While the term “estate” might lead you to envision a fancy mansion set on sprawling acreage, the real definition is much less fancy than that. In reality, your estate is simply everything that you own. If you are just starting out, your estate might include little more than your personal belongings. However, as you advance in life, your estate might grow to include things such as property, investments, and other assets. So, regardless of what stage you are at in life, you should make arrangements to dictate what will happen to your belongings in the event of your death.

Probate Can Be Long and Painful

Probate is the legal process that deals with the assets and debts that the deceased leaves behind. The process involves steps such as validating the will, selecting an estate executor, paying estate taxes and debts, distributing assets to heirs, and so on. Oftentimes, probate is time consuming and can heighten feelings of grief. However, depending on the size of your estate and your state laws, you can help your loved ones avoid probate with the proper estate planning. To see if you can help your family avoid this painful process, speak to an attorney and your financial advisor to see what you can do to plan ahead.

These are some of the main reasons why everyone should be involved in estate planning.  Keep in mind that estate planning and life insurance go hand-in-hand.  Do you have questions regarding how your insurance can help you plan for the future?  Then don’t hesitate to contact the experts at Pierce Insurance Group.  We are ready to assist you with all your coverage needs today.