Everyone needs an estate plan for many reasons. Estate planning is important for your loved ones for many reasons. For example, someone will undoubtedly have to settle your affairs once you have passed on. Moreover, the consequences of failing to properly implement an estate plan could have long term, costly consequences for your loved ones. For instance, an individual with assets such as an IRA, multiple homes, diversified investments and other precious items may unintentionally leave his/her beneficiary with a complex legal matter to sift through. An estate plan protects the surviving spouse and children. There is the added benefit of control for the person leaving property to his or her heirs. An estate plan spares heirs a big tax bill and eliminates familial disputes. 

The primary element of estate planning is identifying who will inherit your assets.  If there is no estate plan in place, the courts will decide how the assets are distributed.  This is the worst course of action due to legal fees, time for distribution, and familial disputes. An additional benefit is to name who the guardians shall be for children that are minors.  Moreover, an estate plan will provide your heirs with protection from tax consequences which may be imposed upon them without a plan in place. You will want your heirs to have the least tax liability as possible from inheriting your assets.  

An added benefit of an estate plan is the elimination of family disputes between competing heirs. There are also scenarios where the individual is alive; however, the person has become disabled or incapacitated to the point where he or she can no longer make decisions for him/her.  With proper documents in place, there will be an agent designated, through prior choice, as to who controls the finances and other important decisions. An estate plan also offers planning for children with special needs as well as children or other beneficiaries who may not be best served by handing a large sum of money at once. The plan will also assist with competing interests that exist within blended families.