14 Common Reasons to do an Estate Plan

Why Create an Estate Plan? Reasons to create an estate plan are as unique as the individuals who create them. Listed here are common reasons why you should create an estate plan. You can plan ahead to:

1. Designate who will manage your affairs if you become disabled and when you pass away.

2. Plan for Medicaid and its impact on your estate if you must go into a nursing home.

3. Avoid probate, during your lifetime and when you pass away.

4. Protect children from a prior marriage if you pass away first.

5. Protect assets inherited by your heirs from lawsuits, divorces and other claims.

6. Impose discipline upon children (and/or grandchildren) who may not be capable or
experienced in managing money.

7. Provide for special needs children and grandchildren.

8. Insure that a specific portion of your estate actually gets to grandchildren, charities, etc.

9. Protect a portion of your estate if you pass away first and your surviving spouse remarries.

10. Address different needs of different children.

11. Prevent or discourage challenges to your estate plan.

12. Reward/encourage heirs who make smart life decisions, and prevent the depletion of your estate from those who do not make smart choices.

13. Assure an education for children/ grandchildren, despite what they (or their parents) dream of doing with the inheritance.

14. Plan for a "Brady-Bunch" family estate plan and assure the step-parent doesn't spend your children's inheritance and/or provide for a spouse without sacrificing the intended legacy for children of a prior marriage.

About Our Law Firm

Morton Law Firm is devoted exclusively to estate planning and related areas of the law. We are members of the American Academy of Estate Planning Attorneys. We offer guidance and advice to our clients in every area of estate planning. This list offers a sampling of these services.

Wills. Prepare a Will or other document to outline
your wishes.
Revocable Living Trust. Prepare comprehensive,
customized plans according to your
needs.
Special Needs and Divorce Protection. Protect
loved ones and get informed advice on
these important estate planning issues.
Asset Protection. Receive guidance on protecting
your legacy.