If you think you do not have an estate because you are not wealthy or do not own many assets, you are not alone. According to CNBC.com, wills are basic estate planning documents that nearly 64 percent of people lack. The most common reason they put off estate planning is they do not believe they need to do it. Regardless of how much wealth and assets you plan to leave behind and the number of family members you have, you can still benefit from planning your estate.
There are a variety of tools you can use to ensure your possessions and wealth pass down uneventfully and in a timely manner to individuals of your choosing. Consider the following information about St. Louis estate planning.
To maintain control
If you do not have many financial accounts, personal items or properties, a will might be all you need for your estate, especially if your final wishes are not complex. Many people do not realize how complicated their legacies are while they are alive, leaving their family members to fight in probate court for what they believe should be theirs. If you have specific requirements for the distribution of your estate, you lose the ability to enforce them when you die. Carefully drafting your estate plans and using its resources makes your final wishes legally binding and enforceable.
To avoid disputes
Do not assume your beneficiaries and loved ones will blindly honor your final wishes, even if they are on paper. Grief, greed and animosity often cause people to act and say things that damage relationships and lead to disputes in probate court. You cannot predict with absolute certainty how your loved ones will act or feel about your estate plans. You can, however, reduce the likelihood of conflict and disputes over your estate by discussing your intentions with them before you die.