5 Reasons to Get Estate Planning Done Sooner Rather Than Later
Did you know four in 10 Americans think they don’t have enough assets to warrant creating a will?
Meanwhile, around three in 10 Americans had an estate plan last year — down from nearly four in 10 the previous year.
Any estate planning lawyer will tell you that a will is a must regardless of how many or few assets you have. Failing to plan is like planning to fail. But failing to create a will can hurt the people you love the most.
You can’t guarantee your real estate, investments, and other assets will go to the preferred recipients if you don’t have a legally enforceable will. Estate planning can help you eliminate uncertainty about what happens after your passing, and that’s something you owe your loved ones.
If you haven’t already tackled estate planning, here are five reasons there’s no better time to do so than now.
1. Avoid Family Conflicts
One reason to pursue estate planning is that you can keep the peace in the family. Some things shouldn’t be put on the back burner for a later date — and getting a will in place is one of them.
It’s not uncommon for families to bicker about finances after a loved one has died. So, at a time when everyone should come together to grieve, disagreements about finances and assets might erupt. For the sake of family unity, you should book an appointment with a reputable estate lawyer to get a will so that your wishes are known.
Relying on a boilerplate will, where you plug in information, can save you money but might still not be worth whatever you pay. All it might take is for someone to contest your will in court to invalidate it.
That’s why leveraging the expertise of a lawyer experienced in estate planning is key.
2. Protect Minor Children
If you’re a parent, you owe it to your little ones to have a will. You’d rather select who you want to take care of your kids if you pass away while they’re minors than have a judge make that decision.
Failing to create a will where you specify who will care for your minors and set aside funds for the caregiver and your kids is a big mistake. Leaving these essential decisions to a judge is like rolling the dice.
3. Prepare for the Unexpected
Unfortunately, life can throw curveballs at times. And these situations often happen with little or zero notice. Many factors in life are beyond your control, so it makes sense to sit down with an estate planning lawyer and get your affairs in order. Doing otherwise is taking a risk that negatively impacts those who count on you. There’s too much to lose if sudden sickness or death occurs.
4. Steer Clear of Probate
The probate process can be a frustrating one. However, a properly prepared estate plan can spare your heirs the trouble of a long and expensive probate process. The probate procedure is a court-supervised process that settles a deceased person’s estate. Having a will in place will make things easier for your family so they don’t have to go through any more problems at a time when they’re grieving.
5. Support Special Causes
You might have causes that are near and dear to your heart. Leaving money behind for these special charities is possible if you set aside funds in your will.
If you haven’t gotten around to estate planning, these are five reasons now’s as good a time as any.
Putting things off indefinitely is a risk since life can be unpredictable. It’s best to get your affairs in order now so your family will be okay when you’re no longer around.
