Estate planning is one of the tasks that many people put off until it is too late. In reality, everyone should have a plan for their estate or at least a notarized and filed will. You never know when something might happen that could incapacitate you or end in your death. To ensure that everyone and everything is taken care of, estate planning is important.
If you have not done estate planning, or if you have and it is outdated, you need to start working on this now rather than later. Here are some of the reasons you shouldn’t put off estate planning any further.
Provide for Children
Whether you have minor children, grandchildren, or adult children, you still want them to be taken care of in your absence. Estate planning ensures that your assets are used to care for your children. If you have minor children in your custody, whether your own children or your grandchildren, you will also need to provide for who will care for them if you are no longer able to do so.
It happens too often that someone passes unexpectedly and there is no will or documentation to show where assets should go. When that happens, your assets could be held in probate for years, preventing the funds from going to whom it should. If you want to make sure that certain people are included or excluded from receiving your assets, you’ll need estate planning in advance.
End of Life Requests
As part of your estate planning, you should have a living will that designates someone to make decisions if you are unable to do so. It should detail what you want to happen if you are incapacitated or unable to use cognitive reasoning. Without such estate planning, you will have no control over what happens when disaster strikes.
If you are ready to start your estate planning journey, we can help. Contact us today for more information or to schedule your consultation.