Estate planning is a topic that is likely to cross your mind later on in life. As a matter of fact, many Americans lack the most basic estate plans, thinking they don’t have the means to warrant such documents. Some are too busy with work and family, and think they have plenty of time on their hands. Others simply just don’t want to talk about mortality, or at least don’t take it seriously at such a young age. But taking care of this matter ahead of time actually pays dividends.
Utah-based legal firm, Drew Briney Attorney at Law explains that there’s no better time to think about it than now. Actually, it’s one of the most important decisions you should make while you’re still alive and healthy.
Your Net Worth is Irrelevant
This process is not exclusive to the retired and affluent. Regardless of the amount of wealth you have in the bank or the kind of assets you have, you have the liberty to make sure every single thing you own would go into the hands of someone you trust when you’re gone. Be it a small house, an old car, or any object with sentimental value, nothing brings you peace like knowing that your valuables would be passed on to the right people.
You May Not Want Your State’s Way
States have a way of doing things if you’re no longer capable of assigning your estate. Say you abruptly die or become disabled, the court would take over, and distribute your wealth in accordance to the law. It may seem convenient, but the results may not be that desirable on your family’s part. Estate planning is among the many ways to avoid inheritance conflicts.
You Don’t Know What May Happen
The possibility of passing away is always there. You may be young and in good health, but a single accident could end it all, leaving no clear guideline on how you want your assets distributed. Trouble comes to the unprepared.
Estate planning early is one of the most considerate things you can do for yourself and your family. Consult a financial adviser and an estate lawyer to take the hassle out of this complicated process.