So Important Even A Caveman Should Do It

Why is it that over 80% of Americans don't have a proper, current estate plan in place? When should people start planning what will happen to their estate? Why should families with small estates still engage in proper estate planning?

Well, let me tell you...

Many people think that for estate planning to be worthwhile, they need to have a taxable estate or significant value to worry about, however those people tend to overlook the greatest value that estate planning can have for them. For estates under the current taxable limit (a $5 million dollar exemption amount this year) the greatest benefit of estate planning comes from peace of mind. For instance, a proper estate plan can:

• Avoid necessary guardianship/ conservatorship proceedings in the case of incapacity.
• Designate who will care for your children in your absence.
• Avoid family fights/ court battles in your absence.

The times of oral agreements where your neighbor agrees to look after your sheep when you pass on are gone. Rather, in today's modern probate system proper documents are critical to streamline issues and avoid unnecessary delays, costs, and headaches.  Thus the greatest benefit of estate planning for the average American family has nothing to do with the value of their estate. Once a family has their first child or purchases their first home, they should begin engaging in proper estate planning of one level or another. So, whether you're a millionare or a caveman, is your estate plan taking care of you?