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Do I need an estate plan?

On Behalf of | Jul 18, 2019 | estate planning

While most people understand they need a will in Missouri to plan for what happens after they die, many do not understand the importance of an estate plan. While a will can be a great start, having a full plan is even better. Most people can benefit from having one, but you may wonder if you are in that group.

According to Fidelity, not everyone needs an estate plan if a will can cover everything completely. If you do not have a lot of assets or anything complex with your estate, then you probably do not need a full estate plan. A will may be enough for your situation.

If you have a sizable estate or you worry about probate dragging on, then an estate plan is a good idea. Furthermore, if you want to leave money to charity or if you want to set up trusts, then you should create a plan.

An estate plan is also a good idea if you want to minimize tax burdens on your heirs or if you want to reduce the overall costs after your death in disbursing your assets. It can also reduce the amount of information that goes public after your death about your estate, and it can help speed up the whole process.

Essentially, if you have substantial assets and value your privacy, then having an estate plan is a good idea. If your estate is very simple and will fly through probate easily, then you probably do not need one. This information is for education and is not legal advice.