Reason #2 – Providing for individuals after death
This reason, by far, motivates a number of individuals to seek counsel in drafting their estate plan. Certainly, if a person has dependents, such as a spouse, children or parent(s), for whom he or she currently provides, there should be a plan in place to ensure that these individuals will be taken care of if something were to happen to the provider. Drafting an estate plan allows one to address these concerns, in terms of both financial and physical support for dependents. The use of trusts, as well as other estate planning tools, is a commonly chosen means to ensure that dependents have access to funds for their well-being and support. Additionally, most jurisdictions allow parents to name individuals as guardians of their children should something happen to both parents. Without this planning, a court would most likely step in and make these decisions on the decedent’s behalf, according to the laws that govern guardianship and the management of the estates of minor children and disabled individuals in such circumstances.