Why It's Never Too Early to Start Planning Your Estate
Estate planning is simply planning ahead of time. If you have ever been to a spectacular event, you will know that it took preparation for months, if not years, to create the perfect moment. The milestones of life are a lot like that; it takes care and focus to ensure all goes the way you’ve envisioned. But even meticulous planners often forget about one of the most critical steps in life: planning your estate.
Planning for a Future Requires Foundations
You don’t have to be wealthy or a millionaire with luxury real estate to have an estate plan. Estate plans are much more than a listing of your assets and who they belong to once you have passed away. They are a tool that takes care of the most delicate details of your life, and they can help keep your family and loved ones secure.
There will be a few things to remember when planning your estate — such as, your estate plan should outline plans for more situations than just death, whether expected or accidental. Estate plans are also used to ensure that you are cared for in case of incapacitation. It’s a protection in your best interest, and that of your children and family, both now and in the future.
Security Shouldn’t Be a Second Thought
Death can be difficult for most people to cope with, especially if you have a special bond with the deceased. It can also bring out unsavory and negative qualities in family members. An estate planning lawyer can help you ensure that your assets go to the right people and that any debts are settled so that your family isn’t saddled with additional woes.
Minor children and adults with disabilities will also be covered in your estate plan to ensure that their care is guaranteed in case something sudden and unexpected happens to you. By planning your estate early, you can ensure that your children and dependents are taken care of when they need it most.
Life Without a Backup Plan
Without a thoroughly worked out estate plan, your estate might end up contested in probate court. A contest in probate court can risk your family being locked out of needed finances and access to things they require. An unplanned estate could mean any of your family can attempt to lay claim to your estate, and it could be divided against your last wishes.
This could be a disaster for business owners - who will run your business or what happens to it after you pass will not be guaranteed. By planning your estate, you can ensure that the company is taken care of and that your family has financial security when they need it most.
Plan for the Worst — Live for the Best
Planning for the rain can help you have a realistic approach to life. Think about it: if you know there is a chance of rain, you take your umbrella to keep you dry. Estate planning is a lot like that; it ensures that your loved ones are not left stranded at the very last moment.
A well-planned estate can help reduce some of the worries that your loved ones will face if something happens to you, whether you pass away unexpectedly or end up incapacitated and unable to care for yourself.
Do you have any unanswered questions about estate planning? Kristin Waters Sullivan is here for you. For help with estate planning matters, whether they are complex or straightforward, connect with Kristin Waters Sullivan.