Why Should I Start Estate Planning Now?

Why Should I Start Estate Planning Now?

Preparing a plan for how your estate will be inherited can seem unnecessary if you are young or in excellent health, but if you want to maintain control over what happens to your assets after your death there is no time like the present to make arrangements. Secure a good future for your children and ensure your assets get to your intended inheritors to lessen the burden on your loved ones when you aren’t there to help. No matter the size of your estate, there are many reasons to start estate planning today.

Provide Care for Young Children

Young families usually do not want to think about the chance that their death could come before their children become adults. The reality of the situation is that it is possible, and preparation for the worst could prevent a life of insufficient care taking for your little ones. Appointing legal guardians for your children means the courts won’t have to, giving you some control over how they will be raised if you are no longer able to raise them. As the continuation of your legacy, your children should be given the best chance to succeed.

Ensure Assets Go to Intended Beneficiaries

Your assets are probably important to you, and you most likely do not want them to get into the wrong hands when you no longer have control over them. Starting your estate planning now and updating it regularly means that you can decide exactly who will control your assets when you are gone. This also gives you the opportunity to double-check that all of your property is accounted for, eliminating the need for dispute.

Avoid a Probate Dispute

If your loved ones cannot determine your intentions regarding who should inherit your assets, they may take the matter to court. Probate litigation can be a costly, draining process and could potentially tear the family apart. Make things easier for your family through properly executed estate planning. Use clear language and no-contest clauses for non-disputable intentions. The help of an experienced trust lawyer can eliminate any overlooked discrepancies in your will.

Protect Loved Ones From Big Tax Hits

Hastily prepared estate planning could lead to major tax hikes for your heirs. In the best interest of your loved ones, start estate planning early to secure a tax-efficient division of your assets. Finding a trusted lawyer to assist with your estate planning is essential in minimizing the tax hits your inheritors will face. They should know the ins and outs of state and federal inheritance taxes and how to leave your loved ones with the smallest tax burden possible.

Prepare for an Unexpected Loss of Capacity

Memory loss and dementia can come unexpectedly and impair your ability to legally execute a valid will. Though many times these issues come with old age, head injuries and other sudden traumatic events can cause you to lose your testamentary capacity. If this happens and you have no plan in place, the courts will select someone to manage your affairs for you. This person may not be familiar with your intentions for your assets, so it is best to appoint your own estate planner while you can legally be trusted to make decisions about your inheritance.

Don’t wait until it’s too late. Estate planning is most likely not something you want to spend your time thinking about, but it is essential for securing the financial security of your loved ones. A trusted estate planning attorney can help you resolve these matters before they ever come to light. With professional and compassionate guidance, an experienced attorney can help you start your estate planning strategies today.