Estate planning is not just for the rich and famous. In fact, while the rich and famous may have more to lose with ineffective planning or lack of an estate plan, they are more able to suffer the losses associated with having no plan. An effective estate plan will accomplish one, some or all of the following:
Insure that your wishes are followed upon your death or disability.
Protect assets from risk of loss from various events.
Promote family harmony upon your death or disability by having a clear plan.
Make life a bit easier for your family upon your death or disability.
Provide for the physical and financial care of minors or disabled family members.
Keep your estate out of probate court to insure privacy and save time and expense.
Select guardians for minor children.
Protect family assets from the unintended consequences of death or divorce after a remarriage.