Let s review some compelling non-tax reasons for proper estate planning. Incapacity Planning Quick. While a necessary component of our judicial system by default, the Probate Court will make rather private matters a matter of public record. Such private matters include not only the nature of your incapacity, but also your net worth. Additionally, the decision-maker appointed for you by the Probate Court may not be your first, second, or even third choice.
Nothing is more valuable than one s children.
Most parents sacrifice considerable time and treasure to provide for them. Nevertheless, many of these same parents fail to make proper estate plans for the care of their children if orphaned. Heirs who are minors may receive their inheritance outright upon reaching legal adulthood. In either instance, an outright inheritance without any control or protection may be lost due to divorces, lawsuits, bankruptcies and good old-fashioned squandering. There are estate planning strategies that could protect the inheritance both for your heirs and from them.