1. By diversifying your estate plan beyond a simple will, you save money and time that would otherwise be spent on probate proceedings, while affording you greater security in ownership and distribution of property.
2. Goals, ideas, and desires change as time passes. For example, lifetime gifts can be appreciate during life and help spend down the value of your estate, while trusts can be effective vehicles for protecting and distributing your assets.
3. Business-owners should also engage in succession planning earlier rather than later to ensure the proper and smooth transition of an ongoing business following death.
4. Well-crafted estate plans minimizes the risk and uncertainty associated with death, thereby making the whole process easier to deal with for loved ones.
See Vidhya Babhu, "Estate Planning Over 50: Four Reasons," JDSupra.com (Oct. 21, 2013).
Posted by Morgan Yuan, Esq., Associate Editor, Wealth Strategies Journal.