Estate planning is a plan that is crucial in securing your future and that of those you care about, especially when you are gone. Unfortunately, many people out there postpone this plan for one reason or the other, and this usually have an effect on their surviving heirs. There is often issues regarding how they are to divide and share personal properties, investments, including benefits. With estate planning, you can leave your love ones in peace of mind.
When is the appropriate time to plan your estate?
Life-changing situations like marriage, childbirth, or illness always riggers the common question “when should I start planning for my estate?” Estate planning involves the creation of a last will and testament, health care proxy, living will, including power of attorney. This is one of the reasons why it is never too early to contact an estate planning attorney and plan your estate.
It is important that you review your estate plan frequently, especially when one of those life-changing situations occur or when you acquire new assets. An estate plan is not a plan that should be created and left untouched. If possible, review your estate plan every 5 years to ensure that everything is well covered in case of your untimely departure. An estate planning attorney can help in reviewing your estate plan.
It is never too early to create an estate plan
What will you leave your loved ones when you finally depart this world? Estate planning plays a crucial role in your life and in securing your family’s financial stability.
A lot of individuals fail to create a plan for sharing their assets, personal properties, investments, life insurance benefits, etc., through estate planning, thus leaving their loved ones with an uphill task and no peace of mind.
When it comes to estate planning, there is no “perfect age” to determine when you should contact an estate planning attorney and kickoff the process. Many individuals wait till they are old before they create a plan I consider as one of the greatest.
The fact is, the earlier you start to put those plans in place, the better for you and your family. Creating an estate plan early means that your family is left with an organized plan after your death.
If you don’t create an estate plan, your state will step in. Of course, your state wouldn’t calm ownership of your assets simply because you failed to create an estate plan. Instead, the court will ensure that your estate is distributed based on the intestate laws of your state. This simply means that anyone, including your brother who you don’t really like, may inherit a portion of your assets. If you have minor children and your spouse is no more, the court will designate a guardian for them.
For a lot of individuals, estate planning is triggered by a significant life event, which could be marriage, birth, a recently diagnosed sickness, et al. Sometimes, it can be as a result of seeing parent’s age or experiencing a loss in the family. However, to ensure that your family is well prepared and your assets are well organized, it makes sense to take a proactive approach to estate planning.
The summary of the whole matter is, it is never too early to plan your estate. As a matter of fact, preparing for your estate gives your family and loved ones an organized process when it comes to sharing your assets.
Need an Estate Planning Attorney? Contact us.
Have you finally decided to create an estate plan but don’t know the right steps to take? Or do you need advice on how to go about your estate plan? Or it is questions that you have? Whichever concerns, questions, or task you need to execute, provided it is related to estate planning, our estate planning attorneys are there for you.
Please, contact our office to talk with one of our lawyers!
