In Arizona, spring is when the sun shines brightly, and the temperatures are perfect for enjoying outdoor activities. As much as we love the spring warmth, it is important to remember that with all that sunshine comes the need to protect your skin. Sunscreen shields and protects you from harmful UV rays, just as an estate plan protects your loved ones and assets. Both are essential to ensure long-term well-being. But, just like using sunscreen, don’t wait until it’s too late.
There are six reasons why estate planning is protection for your family’s future just as sunscreen is a protection for your skin.
- Control Over Your Legacy: Without a plan, state laws determine how your estate is divided. An estate plan lets you decide where your assets go.
- Guardianship for Children: If you have minor children, a will ensures that guardians are appointed to care for them that you want and that they have the ability and willingness to assume guardianship.
- Avoid Family Conflict: Clear instructions can reduce disagreements and confusion among loved ones during a difficult time.
- Ease in Medical Decisions: Advance healthcare directives empower someone to make important health choices if you become incapacitated.
- Minimize Probate Hassles: Proper planning can help your estate avoid a lengthy and costly probate process, preserving your wealth.
- Tax Efficiency: Strategic planning can help lower the tax burden on your heirs, keeping more of your estate in the family.
Just as sunscreen is a simple but vital step to protect your skin from the sun, an estate plan is a simple but essential step to protect your legacy. Don’t leave your skin or your future unprotected! Invest the time to draft a plan that will safeguard what matters most to your family.
Michelle Ronan is a partner at Jaburg Wilk, she primarily practices in the areas of estate planning and business law. Michelle focuses on developing custom approaches for her clients looking to create or revise their estate plan. She advises and represents business owners with business formation, operating agreements, contract review, formation of 501(c)(3) non-profits, and buy/sell agreement
