When the topic of estate planning comes up, you might imagine it’s a task you can push aside because you have plenty of time before you need to get around to addressing it. Or perhaps you perceive estate planning as an important, daunting task, and you end up procrastinating.
However, you shouldn’t perceive estate planning as something that can wait until old age. Instead, you can benefit from being more proactive about organizing your affairs to help ensure that your estate plan reflects your current wishes. Taking the time to create a comprehensive estate plan demonstrates care and foresight for those you’ll leave behind, perhaps sooner than expected – none of us truly knows how much time we have.
Achieve control and clarity
One of the greatest incentives to work on your estate plan is the fact that undertaking this process puts you in control. You don’t have to worry about the wrong people inheriting your assets, your minor children not being taken care of or your family being overwhelmed by estate debt.
Without a clear estate plan, the probate court will use intestate laws to decide these matters, often in ways that may not align with your wishes. This can lead to unintended outcomes such as estranged family members receiving portions of your estate or close friends being left out entirely.
Protect your loved ones
Another undeniable incentive to create an estate plan is the fact that it’s an act of love for your family and loved ones. Leaving straightforward and comprehensive instructions for your loved ones to follow regarding estate administration saves them from navigating complicated legal and financial matters during a time of grief. However, if you overlook estate planning, your family might face:
- Lengthy probate proceedings
- Legal battles
- Unnecessary expenses
Strategic estate planning can especially save your loved ones from lengthy probate proceedings. By clearly designating beneficiaries and leveraging living trusts, you can bypass probate, allowing your family to experience a quicker and smoother transfer of assets. You can also leverage guardian designation to protect the minor children you’re responsible for. Without this, the court will decide who will take care of them, potentially leading to conflicts within the family.
Suppose you’ve been postponing estate planning or viewing it as a task that can wait for old age; this is the time to start organizing your affairs. By working with a trusted legal group, you can establish an estate plan that puts you in control, protects your family and helps you bypass the probate process.
