When it comes to estate planning, many people think it's something only wealthy people need to worry about. However, estate planning is a necessary process that everyone should go through, regardless of how much money they have.

Read on to learn seven reasons why estate planning is so important.

1. An Estate Plan Helps You Avoid Probate

Probate is the legal process of distributing a person's assets after death. If you die without a will or estate plan, your assets will be distributed according to your state's laws of intestate succession. This process can be costly and time-consuming, and it can be a real headache for your loved ones.

An estate plan can help you avoid probate by putting your assets in a trust.

2. An Estate Plan Protects Your Assets

If you don't have an estate plan, your assets could be subject to creditors' claims, lawsuits, and estate taxes. An estate plan can help protect your assets by creating a trust or establishing guardianship.

3. An Estate Plan Puts You in Control

An estate plan gives you control over what happens to your assets after you die. For example, without an estate plan, the court will decide how your assets will be distributed. However, with an estate plan, you can determine who gets your assets and when they get them.

4. An Estate Plan Protects Children and Beneficiaries

An estate plan can also protect your children and beneficiaries. If you don't have an estate plan, your children could be taken care of by someone you don't want. For example, if you have young children, you might want to specify who you want to take care of them if something happens to you. You can appoint a guardian for your children and set up a trust to provide for their financial needs.

5. An Estate Plan Helps to Reduce Estate Tax

An estate tax is a tax imposed on the transfer of property at death. The federal estate tax exemption is currently $12.06 million, but it's set to drop to 6.2 million by the end of 2025.

If your estate is valued at more than this amount, you may be subject to estate tax. The estate tax can be a significant burden on your loved ones. By carefully planning your estate, you can minimize the taxes your heirs will have to pay.

6. An Estate Plan Eliminates Family Disputes

Estate planning can also eliminate family disputes. If you don't have an estate plan, your family could end up fighting over how your assets should be distributed. However, if you have an estate plan, you can specify exactly how you want your assets to be distributed, which can help avoid disputes.

7. You Enjoy Peace of Mind

Estate planning can be complex and emotional, but it's essential for peace of mind. An estate plan can give you peace of mind knowing that your assets will be distributed the way you want. You'll also have peace of mind knowing that your loved ones are well taken care of if something happens to you and can go on enjoying your life.

Creating an estate plan is vital in ensuring that your assets are protected, and your loved ones are taken care of. It can seem daunting, but it is well worth it. If you don't have an estate plan, now is the time to create one.

If you're looking for help with estate planning, Willis Spangler Starling can help. We are a law firm dedicated to providing high-quality legal services to various clients. We have a team of experienced attorneys who can help you with all aspects of your estate planning, from creating a trust to taking advantage of tax breaks. Contact us today to get started.