A Few Reasons For Creating An Estate Plan

Estate planning essentially makes provision for your beneficiaries when you die. Not having made an estate plan can produce a lot of problems later when you aren't there to fix or clarify them. It's easy to put planning off with day-to-day cares, but don't. Here some reasons to push you to get going.
*Beneficiary Issues:
If you have a beneficiary who is a minor, state law requires someone to be appointed his guardian to oversee his needs until he reaches the age of majority. Make an arrangement now to choose a guardian and trustee for your minor beneficiary. Doing so can prevent future family discord with costly legal expenses after you die
If you have a beneficiary who's an adult but is either bad at managing money or has a spouse that may grab your beneficiary's inheritance in a future divorce, arrange your legacy to him to protect him in the future from his own or a spouses bad decisions.
Giving what you want to each beneficiary requires you to arrange a plan to make it happen. You may think so-and-so will surely get your jewels, but unless you make provision for that, probate law, misunderstandings, or individual 'greed' can undermine your intentions. Consider who you want to leave what to - and plan for it now.
*Probate Issues:
The probate process involves the accounting for and exposure of all assets in your name that don't have some automatic way to go to a beneficiary. Automatic transfers to the appropriate beneficiary occurs are as designated beneficiaries in qualified plans, life insurance beneficiaries, and joint and survivor tenancies.
Probate exposure of your assets might bring about family discord or shame about legacy issues. It can also present an opportunity for unwanted claims made against your estate. It's also a time-consuming process. You may want to consider an estate plan that avoids probate.
*Unforeseen Creditors or Suits Issues:
Suits against you can devastate your legacy and thereby pre-empt your plans to help out your beneficiary. Good asset protection is something that must be done early. Once you know about or even suspect that a lawsuit may be filed against you, it's too late to put a plan in place to protect your assets. Find out how asset protection can help you - and your beneficiaries.
*Health Cost Issues:
Before you die you may have a stroke or suffer dementia, or become disabled in some way. As a result, you may require permanent long term care. The cost for it can cut sharply into your legacy. If you are counting on Medicaid to pay such costs for you, you'll first be required to pay for them out of your assets until there's relatively little left. So, make a plan to handle the possibility of costly care today that will preserve some amount of legacy for your beneficiaries.
Often you need someone who can understand the complexity of each issue as it pertains to you. Talk to a competent estate planning lawyer to get an idea of all the issues that will affect you and your beneficiaries. The problem of putting things off often comes from not being aware of what can happen if you don't plan.