It’s an unpleasant thought, but death or disability can happen at any time. There’s no way to predict the future, so it’s a good idea to be prepared. To ensure that you place the least amount of stress on your loved ones as possible, create an estate plan now. Here are 4 reasons why it’s never too early to start estate planning.
- No one wants state laws to determine how their assets are divided.
If you die without a will, you have died “intestate.” This means the court will use the intestacy laws of the state where you reside to determine how to divide your assets. These laws decide who will receive items such as your bank accounts, home, investments, and even heirlooms and personal items.
When the state laws make the decisions about how to divide everything, it’s possible that some loved ones might be excluded from distribution. If you have particular items that you would like a specific person to have, it’s best to create an estate plan now.
- You need a plan in case you become incapacitated.
One of the benefits of an estate plan is that you don’t just come up with solutions for one situation, you solve a variety of issues. For example, most people think of an estate plan as something of a will, a document that divides your assets after you have passed away. However, an estate plan considers more issues than just death.
What would happen if you were in an accident and went into a coma? Who would make your healthcare decisions? Who would maintain your finances and pay your bills while you were incapacitated? An estate plan addresses these issues, and even takes it one step further by identifying an alternate individual just in case your primary person isn’t able to complete the designated tasks. By creating an estate plan, you suggest solutions for several bad scenarios. Should these situations ever occur, your estate plan will be extremely helpful.
- A smart plan now means you can check this item off your to-do list.
When you take the time to create an estate plan with a qualified attorney, he or she will help you think about and plan for your future. Although you may not have children or even a spouse right now, if you know that a family is something you want in the future, you can start working on creating a trust. This will help ensure that, should anything ever happen to you, your future family is cared for.
- You don’t need money to have an estate plan.
A big reason that people hesitate to develop an estate plan is that they don’t think that they have enough money to necessitate a plan. However, money isn’t the only item that’s handled in an estate plan. People also designate who should receive which sentimental items or care for their pets once they’re gone.
Are You Ready to Create Your Estate Plan?
If you’re ready to create your estate plan, the attorneys at Aguilera Law Center, P.A. can help. Our experts can help create a thorough estate plan that answers all of the tough questions now while you’re healthy so loved ones aren’t taxed with the burden of decision without you later. To find out more about how we can help, give us a call today at 305-255-FIRM or contact us online.