One problem with estate planning is that it can seem like such an easy thing to put off for later but can have enormous consequences when you do not have it. If you are wondering if you should begin your estate planning, the best advice may come down to it’s better to be safe than sorry.
Many people think estate planning is not for them because they are not wealthy enough. However, it does not matter the size of your estate, there are many decisions that go into estate planning that can be of importance immediately. These can include who will make certain financial or health decisions if you become incapacitated in some way. It can also detail your wishes of who takes care of your children if something were to happen to you. Without an estate plan, someone else will make these important decisions for you.
If you are still wondering about the importance or need of estate planning, here are some other reasons why you should complete your estate plan now.
A large estate – If you have a large estate in both wealth and assets, you need to work on your estate plan immediately. The main reason being, if something does happen to you, you will be putting your family in a position to decide how you would have wanted the inheritance divided. This can easily cause anger within the family that results in long court battles.
Your own business – It is very common for a business to fall apart when an owner is no longer around since nobody is given the power to take over responsibility. An estate plan can guide the transfer of ownership to those you want in an organized fashion.
Providing for loved ones – As the saying goes, tomorrow is not guaranteed to anyone. Estate planning should be thought of as another way you are caring for your family. Whether you have minor children, grown children, adopted children or an extended family, an estate plan makes sure they are cared for when you are not around. If you pass away without a will, your property will go through probate court which can be long and expensive. The cost of probate court can also reduce the funds available for your family. With a comprehensive estate plan, you can potentially avoid probate court and have inheritances be passed directly to your beneficiaries right after your death.
Taking the time to speak with an estate planning attorney may open your eyes to the many ways you can benefit by completing your estate plan now. If you are holding back from establishing your estate plan because you feel it is not the right time for you, consider doing it as a show of love for your family.