Why Do I Need An Estate Plan?

One of the most popular questions I get is: “Why do I need an estate plan?” 

My general answer is, “if you love and want to prevent your family from having any complications after you pass away; then you’ll create one.”

Unfortunately, there are many examples of this as Dr. Martin Luther King, Prince and former NFL football star Steve McNair all passed away without an estate plan which is still causing issues within their families. 

Dr. Martin Luther King’s family is still fighting over control of this estate. Steve McNair’s estate assets were listed at nearly $20 million, with no plan for how it would be allocated and finally, Prince left behind approximately $300 million of intellectual property rights with no plan on how they were to be distributed.

Estate Plan

Although most individuals do not have this type of wealth, the complications of these celebrities’ families should serve as a reminder of why it’s important to have a Will, Power of Attorney, Health Care Proxy and perhaps a Trust, whether revocable or irrevocable. 

With proper planning and help from an experienced estate planning attorney, these types of situations can be minimized.
Below please find three reasons why having an estate plan is important: 

You get to stay in control of your finances, even after you’ve passed away.

Anyone that has an estate plan can feel confident knowing that their wishes will be carried out. You can specify exactly how and when your heirs receive an inheritance. This can be particularly important for anyone who wants their inheritance to be delayed, perhaps for a young grandchild, a loved one dealing with a substance abuse issue or for an heir that may be going through a contentious divorce.

Maintaining your privacy.

Without a trust attached to your Last Will and Testament, your assets can become public information upon your passing. This situation occurs when your local probate court becomes involved with settling your estate. A well-drafted estate plan that includes a trust reduces the need for court involvement.

While privacy is important to all of us, you shouldn’t allow it to become an obstacle for your family. In your estate plan, compile a list of all of your updated passwords and account information. This list includes but is not limited to your bank accounts, phones, and emails. An estate plan will allow access to your loved ones upon your death or even disability. Failing to include this information may cause a delay in unlocking your accounts. 

To protect yourself in case you become disabled.

Unfortunately, many of us will experience a disability of some kind before we die. Being proactive with an estate plan allows you to arrange exactly how a scenario that involves you being disabled will be handled. When you create a plan for disability, you ensure that the person you choose is in control of your assets. Otherwise, your property may be managed by the court as a legal guardian will be appointed who may not act in your best interest. 

The Bottom Line
No price can be put on knowing that your family will be taken care of if you become incapacitated and when you ultimately pass. If you want to learn more about estate planning, please visit the Law Office of Jason R. Ebacher. We can help you prepare so that your legacy and your loved ones are protected.

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4 Responses
  1. Wow, how sad that Martin Luther King Jr’s family is still fighting over his estate. My grandparents are getting older and I think they need estate planning for all their resources. I will find a great estate planning lawyer in our area.

  2. i like what you said about making sure your assets don’t become public information. I need to get a lawyer to help rewrite my will. I want to take out a few family members from it.

  3. How helpful that you mention why it is important to have the trust attached to your will. My grandparents are getting older and I want to help them with their estate. I will find a good estate planning attorney in their area to assist.

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Paulette Doucette
Paulette Doucette
17:09 19 Nov 22
Jason was not only helpful and thorough in assisting us in putting our Estate Plan together but was extremely sensitive to our overall wishes and desires concerning its implementation.
Shirlz Jenner
Shirlz Jenner
22:34 11 Nov 22
We highly recommend Jason Ebacher for Estate Planning. He made the process for us quite smooth and explained it to us in layman's terms.
Stephanie A. Crayton
Stephanie A. Crayton
19:17 29 Sep 22
Due to some recent family losses, I began to think about my own situation and end of life decisions/wishes – something I had been putting off for years. As a single mother of a minor child, I realize how incredibly important it is for me to put some safeguards in place for my son and for myself.I reached out to the Law Office of Jason Ebacher and I could not be any more pleased with his guidance, compassion, and professionalism. I came to him with very little knowledge of what is needed, the process, and best decisions. Thankfully, he took his time, explained things to me in various ways that gave me a chance to arrive at my own decision. Once all the decisions were made, he legally implemented them into my estate plans.I can’t thank him enough for all of the assistance, time, and knowledge he has shared with me. I highly recommend him and will seek his counsel again, should it be necessary! Thank you Jason and team!
betsy malenfant
betsy malenfant
23:58 25 Apr 22
I have had the pleasure of the professionalism and kindness of Jason's help over the past few years. I have referred him to family members who have also felt so comfortable in his presence in regard to his knowledge and his comforting manner. Thank you, Jason!
Leslie Russell
Leslie Russell
00:41 09 Aug 21
I can not thank Jason enough for his help. His work has given me peace of mind during a time where caring for a loved one is not easy. I really appreciate his temperament and legal ease.
Karen Shuman
Karen Shuman
18:26 06 Aug 21
My experience with Attorney Jason R. Ebacher was excellent from the very first phone call. Jason is professional above all else in addition to being friendly, compassionate, helpful and knowledgeable. He provided me with enough information and guidance to enable me to make solid choices with regard to my estate planning. I highly recommend Jason and his team.
Kristen Wilson
Kristen Wilson
15:25 05 Aug 21
Attorney Jason Ebacher is professional, knowledgeable, and kind. He is always readily available to answer any questions. I highly recommend Jason to anyone.
Essential Balance Wellness
Essential Balance Wellness
13:46 05 Aug 21
You dont know what tomorrow will bring. The only way to make sure the people you love are taken care of, is to make a plan....while your healthy and in good sound mind. There TRULY is "peace of mind in proper planning"
Angie Vargas
Angie Vargas
17:53 17 Mar 21
Jason is a trusted volunteer with our non-profit legal aid organization, where he provides quality pro bono estate planning assistance to some of our clients and is always willing to go the extra mile. During the pandemic, he has remain committed to this work and we greatly appreciate him.
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