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  1. Retirement accounts. Do you have an IRA or similar retirement account? Without a plan, your designated beneficiary for the retirement account funds may not reflect your current wishes and such designation may result in burdensome tax consequences for your heirs. With a plan, you can choose the optimal beneficiary.
  2. Business ownership. Do you own a business? Without a plan, you cannot name a successor, thus risking that your family could lose control of the business. With a plan, you choose who will own and control the business after your demise.
  3. Avoiding probate. Without a plan, your estate may be subject to delays and excess fees, and your assets will be a matter of public record. With a plan, you can structure things so that probate can be avoided entirely if necessary.

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