Too young? No kids? Don’t have a lot of assets? There are plenty of excuses to keep estate planning at the back of your mind, but there are even more compelling reasons to get started right away.
Don’t wait until you’re rich and famous. Here are 5 reasons why you should start estate planning as soon as possible.
1) Accidents can happen.
Whether you are 20, 60, or 90 years old, you can’t predict the future. It’s painful to think about, but accidents can happen at any age. Estate planning can help you stay ahead of those possibilities, so even if you pass away unexpectedly or are left incapacitated, you can still protect your assets and your family in the process.
2) It keeps things simple for your family
When someone passes away without an estate plan, their property goes through a process called probate. This generally involves a lot of time and costs that most grieving families would rather avoid. If you just have a few thousand dollars in your checking account, estate planning can save your family some unnecessary stress. The more assets you have, though, the more estate planning can help in terms of maximizing what you pass down to your inheritors.
3) It protects your loved ones.
There are certain relatives the state thinks should automatically inherit your money when you pass away — but those don’t always line up with the people you care about most. Let’s say you’re unmarried but want to provide for a romantic partner, or you have an estranged relative, or you don’t plan to have children but want to leave property for your nieces and nephews. Your estate plan can account for these scenarios in ways the default laws cannot.
4) There are many different types of property you need to consider.
Even if you don’t have a bank account full of zeroes or a big house to pass down, your estate plan can cover a wide range of property. It can make rules about the beneficiaries of a life insurance policy or 401(k), specify what happens to investments or debts, and help you decide who inherits smaller pieces of property like heirlooms or items with sentimental value.
5) It helps other people help you.
Let’s say you’re over 18 and you’ve gone to study overseas. In scenarios like these, a durable power of attorney can give your parents the legal power to help with your taxes and other financial matters in your stead. Even as you get older, it’s important to name powers of attorney and a health care proxy in the event you are incapacitated. If that happens, the person you name will be able to make medical decisions on your behalf — and ensure your wishes are upheld.
Did our estate planning tips light a fire under you? Let us know if we can help you explore your estate planning options and come up with a strategy that fits your life. The law office of ElDeiry & ElDeiry, P.A. looks forward to your call.
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