{"id":1160,"date":"2019-04-16T07:48:43","date_gmt":"2019-04-16T14:48:43","guid":{"rendered":"https:\/\/ogbornelaw.com\/?p=1160"},"modified":"2023-07-21T19:57:34","modified_gmt":"2023-07-21T19:57:34","slug":"why-estate-planning-is-important","status":"publish","type":"post","link":"https:\/\/webtechs-designs.com\/2023Ogborne\/why-estate-planning-is-important\/","title":{"rendered":"Why estate planning is important"},"content":{"rendered":"<p>Estate planning is important for ensuring your wishes are carried out the way you intend after your death. However, many people <a href=\"https:\/\/ogbornelaw.com\/4-estate-planning-mistakes-everyone-makes-and-how-to-avoid-them\/\">overlook this critical task<\/a>. In some cases, they leave it until it is too late. Even celebrities can fall into this trap.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/why-estate-planning-is-important\/#Famous_People_Who_Died_Without_Wills\" >Famous People Who Died Without Wills<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/why-estate-planning-is-important\/#The_Problem_with_Not_Having_a_Will\" >The Problem with Not Having a Will<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/why-estate-planning-is-important\/#Less_Stress_on_Your_Family\" >Less Stress on Your Family<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/why-estate-planning-is-important\/#Minimal_Risk_of_Complications\" >Minimal Risk of Complications<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/why-estate-planning-is-important\/#Protect_Your_Children\" >Protect Your Children<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/why-estate-planning-is-important\/#Estate_Planning_is_Important_So_Get_Started_Now\" >Estate Planning is Important, So Get Started Now!<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Famous_People_Who_Died_Without_Wills\"><\/span>Famous People Who Died Without Wills<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Several prominent figures in the entertainment world passed away recently without wills in place. One of the most recent was singing legend Aretha Franklin. Several of her relatives have stepped forward to claim interests in her estate. This case is ongoing, so it is unclear at this point how events will unfold. Without a will, though, it is likely that the court will divide her assets evenly among her heirs.<\/p>\n<p>A few years ago, Prince, the revered musician, also died without a will. A lengthy court battle ensued over his $200 million estate. Ultimately, the court decided that his sister and five half-siblings would split his assets. However, there were other relatives who sought to claim a piece, though they were unsuccessful. It is unclear whether Prince would have wished to leave inheritances for any of these people. There may have been others who he wished to have some of his assets, but we&#8217;ll never know.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_Problem_with_Not_Having_a_Will\"><\/span>The Problem with Not Having a Will<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If your assets will simply be divided evenly among your heirs, why create a will at all? When it comes to probate court, nothing is as simple as it seems. The easiest way to ensure each person receives what you want them to is to <a href=\"https:\/\/ogbornelaw.com\/7-questions-to-ask-your-attorney-before-creating-a-living-will\/\">write a will<\/a>. This aspect of estate planning is important for a number of reasons.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Less_Stress_on_Your_Family\"><\/span>Less Stress on Your Family<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>When your friends and family are grieving your death, you don\u2019t want them to have to fight\u00a0over your assets. <a href=\"https:\/\/ogbornelaw.com\/estate-planning-a-closer-look-at-a-will\/\">Estate planning<\/a> is important because it allows you to spell out your wishes clearly. This way, the courts will know exactly what to do with your assets. Your family can focus on grieving their loss, knowing that they are following your wishes. In this difficult time, you\u2019ll want to make things as easy on them as possible. That starts with proper\u00a0estate planning.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Minimal_Risk_of_Complications\"><\/span>Minimal Risk of Complications<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In Prince\u2019s case, there were more potential heirs that came forward than to which the court awarded inheritances. Only Prince would have known the truth of his relationships with these other individuals. The court merely looks at the closeness of the blood relationship. It doesn\u2019t necessarily evaluate the personal relationship. If you have a close relationship with someone, even if not by blood, estate planning is important. You want to ensure this person receives the inheritance\u00a0you wish for them.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Protect_Your_Children\"><\/span>Protect Your Children<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>If you have young children, estate planning is important to secure their futures. While a will is part of an estate plan, there are more decisions to make than just dividing assets. A trust can be used to explain your wishes with regards to your minor children. In your will, you can stipulate who will accept custody of your kids after your death. In a trust, you can also lay out guidelines for their ongoing education or any other wishes you have for your children, including when they&#8217;ll inherit assets or a <a href=\"https:\/\/ogbornelaw.com\/business-estate-plan\/\">business<\/a>.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Estate_Planning_is_Important_So_Get_Started_Now\"><\/span>Estate Planning is Important, So Get Started Now!<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>No matter what age you are currently, estate planning is important. You never know when you might pass away, and you don\u2019t want your loved ones left scrambling to figure out your wishes.<\/p>\n<p>Here at Ogborne Law, we are proud to include estate planning among our services. Your attorney will work closely with you to draw up all the documents you\u2019ll need to communicate your wishes to the court. We\u2019ll take the time to answer all of your questions and guide you through this important process.<\/p>\n<p><a href=\"https:\/\/ogbornelaw.com\/contact\/\">Reach out to us today for an appointment<\/a>\u00a0to discuss your estate.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Estate planning is important for people of all ages. An estate plan ensures that the proper wishes are carried out when the unthinkable happens.<\/p>\n","protected":false},"author":3,"featured_media":11358,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[],"class_list":["post-1160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-estate-planning","category-37","description-off"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why estate planning is important - Ogborne Law, PLC<\/title>\n<meta name=\"description\" content=\"Estate planning is important for people of all ages. 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