Many people believe that estate planning is only for the elderly or those who are terminally ill.
However, there are many reasons why it’s never too early to start estate planning.
For Beacon, we suggest you start analyzing and planning your estate as early as possible. When you have a large life change, like getting married, having your first child, buying a home, etc., it might be a good time to start or change your estate planning documents.
In fact, we recommend that when you turn 20, you really need to make your first Last Will And Testament, if nothing further.
In this article, we’ll be looking at timing, estates and the true costs of waiting.
So, what are the reasons that it is NEVER too early (nor late) to start estate planning?
You can’t predict when something will happen
No one knows when their time will come, but it’s important to have a plan in place just in case something happens. One of the most important aspects of estate planning is having a will in place. If something happens and you don’t have a will, your loved ones will have to go through the courts to try and get your estate distributed the way you would have wanted.
Another important aspect of estate planning is setting up trusts. A trust can help avoid probate and make sure your assets are distributed according to your wishes. You can also set up trusts for your children or other loved ones.
While you can’t predict when something will happen, by taking the time to do some simple estate planning, you can rest assured that your loved ones will be taken care of if something happens to you.
No one knows when their time will come, and it’s important to have your affairs in order in case something happens.
You can protect your loved ones with estate planning
If something happens to you, your loved ones will be better off if they don’t have to go through the hassle of sorting through your estate themselves.
When you create an estate plan, you are protecting your loved ones. You are ensuring that they will be taken care of if something happens to you.
An estate plan can include a will, power of attorney, and healthcare proxy. These documents will allow you to name someone to make decisions for you if you are unable to do so yourself.
You can also specify how your assets will be distributed after your death. Estate planning can be done for yourself, your spouse and children
If you want to ensure that your loved ones are taken care of after you die, you should consider creating an estate plan.
You can name someone to make decisions for you if you are unable to do so yourself.
You can avoid probate
When someone dies, their estate must go through a legal process called probate in order to be distributed to the deceased person’s heirs. This process can be expensive and time-consuming, and it’s often not necessary.
There are several ways to avoid probate, including creating a trust, setting up a joint bank account, or making beneficiary designations for your assets.
If you plan ahead, you can avoid the hassle and expense of probate.
What are some of the costs of your estate going through probate?
For many Americans, the average probate costs are about 2% to 7% of the total assets in the estate. For instance, if you own a home, a checking and a savings account, and a retirement account, you likely have over $100,000 in assets. 7% of this is about $7,000, which is more than what a trained estate planning attorney would charge for a correct and fully documented estate planning set of documents.
Wrapping up the issue of timing in estate planning
There are many reasons why it is never too early to start estate planning.
Everyone’s situation is different, so it is important to consult with an attorney to create a plan that fits your specific needs.
Still have questions about estates, wills and trusts?
You can claim your free estate planning consultation today. Just fill out the form, and we will get back with you within 24 to 48 hours. As well, you can call us right now at (724)60-ELDER to schedule your free conversation.