If you need to ask when you should start writing your will and other documents, most estate planning experts will tell you the same thing: you should have started yesterday! It doesn’t matter if you’re a young newlywed with no children, a middle-aged divorcee, or a senior citizen with a huge family—a solid estate plan is absolutely essential to your future. There are several important reasons why youngsters and old folks alike should start planning A-S-A-P.
1) Remember that anything can happen.
No one wants to believe they will die unexpectedly. When you hear about a young person suddenly passing away after an accident or a rare illness, it may seem very removed from your life—a news story rather than a harsh reality. The fact is, tragedy can strike when you least expect it. If such a thing should happen to you, what would you leave behind for your family and friends? An estate plan gives you control in the face of unexpected situations.
2) Don’t leave unfinished business.
When a person passes away without an estate plan, they leave behind a host of unfulfilled goals. Have you thought about your estate planning goals, financial or otherwise? Maybe you want to name a guardian for your children, specify medical treatments according to your beliefs, or give instructions for your burial. Maybe you just want to make sure your assets and property are passed on to your loved ones in a very specific way. Without an estate plan, your wishes may never be known.
3) Prevent family feuds.
It’s safe to assume that when you pass away, you don’t want your family fighting over your assets. It’s not the legacy most people want to leave behind. Unfortunately, you can’t assume that they will resolve everything amongst themselves in a fair and appropriate way. The earlier you start estate planning, the more time you’ll have to make sure your assets and property are distributed according to your wishes.
4) Account for life events.
Most estate planning experts can’t emphasize enough the importance of starting right away, but that doesn’t mean it’s a one-time event. Estate planning, like life, is an ongoing process. Your goals and priorities will change in light of marriage, divorce, death, birth, adoption, and so on. For example, if you divorced and started seeing someone new, you may want certain assets to go to your current partner instead of your ex-spouse. If you start estate planning early, you won’t have to play so much catch-up—you’ll have a solid foundation to make updates and improvements as your life changes.
5) Protect your children and surviving family.
Perhaps the biggest reason to start estate planning is to protect your children and your family. It’s not pleasant to think about where your children will go if you should pass away before they turn 18. In case it does happen, you can control where they end up by naming a guardian, and you can safeguard their interests from a financial standpoint with a variety of estate planning tools. When you use the right methods, you can also help your family save money on taxes and other costs, maximizing the assets and property you leave behind for their benefit.
It’s time to get started! A knowledgeable lawyer can help make your estate plan as strong as it can possibly be. Contact the estate planning attorneys at Estate & Long Term Care Group for personalized guidance. We can advise you on the best legal strategies, save you money, and leave you with peace of mind about the future.
Written by ELTC Law Group
