It seems that many people spend more time planning a holiday, buying a car, or even eating dinner.
It might not be that fun to think about scheduling a trip or examining restaurant ratings, but without estate planning, you cannot pick who gets what you worked.
Estate planning is not just for the rich. If you do not have a plan in place, your affairs could have a prolonged and costly impact on your loved ones. It is fair to say that the COVID 19 pandemic we are living in is a new age of uncertainty.
You should have an estate plan in mind to identify who will decide on your health care, money, the distribution of your assets if you become incapacitated. No matter your age, you surely need a plan. Let’s see why you need estate planning:
Table of Contents
1. Estate Plan Protects Young Children
Nobody thinks of dying young, but you have to be prepared for what you cannot think if you are the parent of small children. So, here comes the will portion of an estate plan.
New parents are busy with diapers, food, and getting good sleep. When you focus on the present, it’s hard to think about the future. However, there should be something else for young parents: estate planning.
To ensure your family is taken care of when you are dead, you must put your last wishes on paper.
We encourage people with young children in particular to write a will. A will enables your children to be financially looked after in the case of your death.
If you cannot, a will enables you to choose guardians that look after your children.
2. Save Your Family From Difficult Decisions
Imagine your wife or children having problems while deciding whether to pull the plug or how to treat your remains? These decisions are depressing.
You can decide how you want end-of-life care, including ventilators and disposal. Nobody can make better such decisions than you, so your family understands what do what you want.
Your estate plan contains all that you have, including:
- Bank accounts
- Real estate
- Life insurance
3. Update Your Beneficiaries
Today, many middle-class families have to plan if something happens to a family man (or breadwinners). After all, you don’t have to be extraordinarily rich in property, it produces assets that your heirs will receive.
Without an estate plan, the courts will decide who receives your assets, which can take years.
The court doesn’t understand which sibling is responsible and who shouldn’t have free access to cash. The courts will not automatically rule that the surviving spouse gets all.
Estate plan reduces the burden on all participants in the case of early disability or death.
Start Your Estate Planning Today
Do not wait to talk about your wills and estate planning. As you can see, these strategies are designed to protect your family and yourself.
Contact Estate Planning today to get started.