In fact, according to the study, the two generations apparently can’t even agree on whether they’ve already had such detailed talks. Seventy percent of parents surveyed believe they have discussed these issues; more than 50 percent of their children claim they haven’t. So what are the benefits of an estate plan?
It allows you to:
• Preserve and maintain control over the transfer of your assets.
• Protect your family’s privacy and possibly avoid probate.
• Provide immediate access to liquidity.
• Choose how your beneficiaries will receive assets.
• Designate who will execute your wishes even if you’re just incapacitated.
These are solid reasons to research estate planning today. One thing to remember, it’s not just for the very wealthy. Most people have complicated lives and issues that need exploring — with children and maybe step children’s interests to protect, or a family businesses to pass on — most people, could do with some solid estate planning
