Why You Shouldn’t Wait to Start Estate Planning
This article shows exactly what estate planning is and why even younger adults need to consider planning their estates.
While many adults believe they’ll have “plenty of time” to create their wills later on in life, it’s important to take care of estate planning and to make end-of-life decisions early on. In fact, estate planning is an incredibly important step of financial planning at any age. This helps ensure your wealth and assets will be distributed in a manner that is pleasing to you, but also ensures that your heirs will receive exactly what you want them to. Additionally, end-of-life and estate planning gives you the unique opportunity to make sure your wishes are directly understood by those caring for you. Should you become unable to make medical decisions for yourself, for example, estate planning will help ensure your caregivers know what your specific wishes are. For adults interested in estate planning, starting early is essential. Here’s why.
One important aspect of estate planning is determining how finances will function. For example, creating a will enables you to decide how your finances will be divided, how you want outstanding debts to be paid, and whether you want to forgive debts other people owe you. Additionally, you’ll be able to discuss tax options and how inheritance tax may affect any heirs you have. Additionally, you may be able to make final arrangements ahead of time and take care of that financial burden so your family will not have to worry about that later.
Estate planning also includes health care directives, so you can specify how you want to be cared for if communication becomes impossible. Sometimes, talking about this with family members can be difficult, so creating a health care directive ensures that your medical team knows exactly what your wishes are. Additionally, you may choose to appoint a medical power of attorney. This is a representative who can make medical decisions for you. It’s important that you specify exactly what your end-of-life choices may be. Creating this plan will protect you and help ensure you receive the care you want.
If you have personal assets, including property or monetary investments, you may want to decide how you want these to be distributed after you pass away. You may choose to create a will or a trust that helps protect your personal assets and that can ensure these items and properties get to the people you want to have them the most. No matter how old you are, it’s important to ensure that your loved ones are cared for and protected when you pass away, which is why a will is essential.
When you decide you’re ready to begin planning your estate, make sure you reach out to an estate planning attorney who can assist you. Your attorney will ask you questions about your wishes and desires and can help you create a plan that works for you. You don’t need to be feel overwhelmed or frustrated with this experience. Your attorney will guide you through each step of the planning process to ensure you address each possible obstacle or topic that may be of importance when creating an estate plan that works.