It does not matter how old you are right now; planning your estate is always essential. When people die without estate plans, it creates confusion, problems, and delays in settling their affairs. The problem is that you cannot plan your death. It can happen anytime and without warning. Therefore, having a plan in place is vital. Here are three additional reasons to consider planning your estate now.
To Inform Your Family of Your Wishes
Your family might think they know your wishes, but they might not. For example, do you want them to cremate or bury you? Do you want a funeral service or a celebration of life gathering? Do you have specific requests for your burial location or cremation scattering? If you die suddenly, your family might argue about these issues and more. They will want to do what you want, but they might not know for sure what you want. Therefore, it is imperative to create a plan for these types of things. If you have a will, you can state what they should do. With this, they will have no questions, confusion, or arguments. It will all be on your last will.
To Protect Your Assets
The second reason to plan your estate is for protection. Your estate plan protects your assets and beneficiaries. With your plan, you can list the assets you own. You can also list your beneficiaries and provide instructions about dividing your things. If you do not have these things in a will, your family might have to go to court to determine who gets the items. A judge will get the chance to make these decisions instead of you making them.
To Ease in the Transfer of Your Things
The other thing to know is that an estate plan provides a smoother transfer of assets from you to your beneficiaries. With the right plan, your family can avoid going to court. They can hire a lawyer to help them distribute and settle your affairs. Using a lawyer instead of going to court speeds up the process and costs less. If you want to make it easier for your family to settle your estate, you must have a plan in place.
If you have young children, planning your estate is critical for their protection. If you have any questions about your estate plan or need advice, talk to an estate planning attorney like one from Abom & Kutulakis LLP in your city.