Many people have the mistaken idea that estate planning is only for the very rich, or those who are approaching the end of their life. The reality is, however, that nothing could be further from the truth. The sooner you start your estate planning, the more options you will have available to you. Whether you are 20 or 80, now is the best time to start your estate planning, and here are some key reasons why.
As much as people don’t want to think about it, nobody ever knows exactly how and when they’ll die and what will happen after they do. Taking steps now can help ensure your estate is ready for whatever happens. This can help to reduce the stress and difficulties that your loved ones will need to go through.
Keep Unwanted Heirs Away
Ideally you will have a good relationship with everyone in your family, but that is not always the case. If you have a relative who you don’t want any of your assets to go to after you’re gone, you’ll need to include that specifically in your will or other legal document. If you don’t take care of this now, they could seek some portion of your estate through the probate process, and may very well get it.
Help Your Loved Ones Avoid Probate
Proper estate planning can often reduce or eliminate the need for your estate to go through probate at all. Probate court can be quite costly, and take up a lot of time. This should be avoided if possible no matter the situation, but given the fact that your family would have to deal with this soon after your death makes it even more regrettable. Using trusts and other estate planning tools, you can pass along your assets without the need to go through probate, which your loved ones will very much appreciate.
Keep Your Estate Private
When an estate goes through probate, everything that is listed will become a matter of public record. Your Will will be available to the public as well. Most people don’t want everyone to know the details of their estate, which is why proper estate planning is essential. By taking steps now, you can keep the details of your finances and assets private.
Ensure Your Children are Cared For
If you have minor children, or an adult child who is disabled, naming their legal guardians is an essential part of estate planning. Without proper legal documents in place, your children will be placed with whomever the state believes would be best for them, which is all too often not the same person you would choose yourself.
Contact Us
Whether you are just getting started and need something simple, or you are looking for advanced estate planning options, we can help. Contact ProActive Legal Care to go over all your options, and see how we can help you plan today to make tomorrow better.
