There are many people who don't have an estate plan. They might wonder if they need one and when the best time is to get one. Here are some things that you need to know about your estate plan:

If You Have Children, You Need An Estate Plan

One of the most important reasons to have an estate plan is to select a guardian for your minor children, should your pass away. Thus, anyone who has a minor child in their care should have an estate plan that at the very least names a person to care for their children.

In addition, your estate plan should include financial arrangements for your children. There should be a beneficiary of your life insurance policy who has instructions on how to use the money. In most cases, the money will be used to care for the children's needs.

If you do not have an estate plan and you pass away with minor children, the state will determine who has guardianship over them. This is not what you want. The state does not know the specific needs of your children and your family dynamics. Thus, take care of your children by having an emergency plan for them.

Having An Estate Plan Will Save Your Beneficiaries Money

It is no secret that there is an estate tax that will be instigated after you die. This means that everything that you own, any property, investments, savings account, etc., will be taxed. If you don't have an estate plan, all this property and money will have to go through probate. Probate can be very expensive and can cost you a great deal in taxes. This means that your family will get less of your hard earned money.

It should also be mentioned that if you do not specify where you want the money to go, the state will determine it for you. This means they might give all of your money to someone in the family that you only wanted to get a portion of. That is why it is better that you have the plan set in motion, so that when you pass away, you have the peace of mind knowing everything is as it should be.

The attorney can help you know how to organize your property so that it is protected. For example, one of the best things you can do is create trust accounts and LLC's. Instead of putting your home, retirement accounts, investments and property in your will, you should put them in a trust or LLC. This will protect your property from creditors, and from being overtaxed.  

By having an experienced attorney draw you up an estate plan they will help you to provide for your children and to protect your estate. To learn more, contact a company like Begley Carlin & Mandio LLP with any questions you have.