Some things are better done ‘sooner than later’. With estate planning for instance, you don’t have to wait till you’re in your older years to make plans. Just the same way you have plans for retirement and are planning and saving towards it, such attention has to be given to estate planning. In this day and age, estate planning is for everyone.
A number of life events happen to you that should prompt you to write or have the occasional review of your Will. These range from marriage and childbirth, divorce, to the acquisition of new assets. The process is flexible enough for any major events that happen in your lifetime. Estate planning can be likened to a journey; it is not a destination.
With a proper estate plan, you can protect yourself and your loved ones. Consider these below reasons as why you need to begin your estate planning now, not later:
You have to protect your children
If you have minor children, you would want to make sure you have the right legal structure for their continued wellbeing in life should anything happen to you.
With the use of a Will, you can designate a trusted helper or legal guardian to take care of their needs. You can also utilize estate planning services to set up a trust. Through the trust, you can leave behind assets for your children. With a trust, your assets could be managed by a chosen trustee until your children, come to an age where they will be able to use the assets responsibly.
You’ll like a say in who gets your properties
If you don’t want your relatives and family fighting one another over claims to assets you have, you should do something about it now.
Write your Will.
You’re free to divide your assets according to how you wish. The very function of a Will is in itself a perfect explanation of why you should plan for the future. You can give certain sentimental gifts to loved ones, leave your family an amount of wealth. As well as proportionately share your assets to your beneficiaries.
Maintain control over your affairs.
Unfortunately, there is no guarantee that everyone will have perfect health in all of our lifetime. In times of illnesses, or when you are unavailable and out of town to manage your own affairs, who will take responsibility?
When you have an estate plan, you can appoint a Power of Attorney over your affairs. This means, you’re legally transferring some level of authority to an individual/agent. This person now has rights to make legal decisions about your personal business; properties, finances or medical care. You have to ensure that such an individual/agent places your interests ahead of his or her own and is trustworthy.
Creating an estate plan early on means that no matter what happens, you can be rest assured your wishes are being respected. Knowing this can be a major relief and a way to ensure your family lives comfortably.