4 Reasons You Need to Start Your Estate Planning Now

If you’re young and in good health, you might think that you don’t need to worry about estate planning yet. Unfortunately, this is a very common, and very tragic, mistake.

If the worst should happen, who knows where your belongings will go and what your family will end up with? Plus, your final expenses will be a much larger burden on your family if you don’t plan ahead.

Worst of all, it’s a mistake that you’ll never be able to fix. But, the good news is, you can do something about it right now to prevent this tragedy from happening. Read on to learn why you need to start your estate planning as soon as possible.

1. You Still Have Time Today

When you pass away, there are thousands of details about your accounts and belongings that must be sorted out, cataloged, and passed on. If possible, this is even more difficult and complicated than it sounds.

Fortunately, you currently have the rest of your life to make sure this gets done. We warn you though, do not take that as an excuse to procrastinate. For, as far as you know, you only have today to get this done.

2. The Alternative Is Horrible

When you don’t have a will or your will is incomplete, what happens to your stuff? Well, anything, really.

At this point, it will be up to the state and a bunch of lawyers that you’ve never met to decide where your stuff goes. Typically, these legal officials decide which items to sell in order to pay off your various debts and expenses.

It’s possible that someone you knew in life will get a say in this. But it’s also possible that someone who barely knew you will get this role.

Different states have different laws to figure all this stuff out. There is also a lot of room for error when determining proof of ownership. The one thing that’s for certain is that the final result won’t be what you want unless you complete your estate plan now.

3. It Might Take a While To Figure Out Your Estate Plan

Even if you do get started this very moment, it doesn’t change the fact that this is a huge, complicated process. There are a lot of different laws to consider, documents to find, and accounts/policies to set up. For example, read this on why it is important to have a living will.

It can take you over a year to get it all figured out. So, the sooner you get started, the better.

4. Reduce Fees and Taxes

As if burial expenses weren’t enough, you’ll need lawyers to sort things out. And many states have estate taxes and other fees that need to be paid. Not only can these expenses be planned for ahead of time, but they can also be significantly reduced with estate planning.

Have You Started Your Estate Planning Yet?

If you wait too long to start your estate planning, it’s your loved ones who suffer the consequences. Don’t let it happen to them. Get your estate in order now, while there’s still time.

Next, get some tips on how to find a quality daycare center. Or, learn why you need to invest in a critical illness insurance policy. Find all this, plus other great advice, on our Lifestyle blog.