4 Reasons To Start Your Estate Planning Right Now
Many people, while still in their early youth years start estate planning, while others tend to hesitate to give it a thought. Most people don’t like to or want to start estate planning early in their life, because they don’t want to think about death and the what will happen afterwards. But, death is inevitable. Sooner or later you will have to start estate planning.
Estate planning might make you feel light headed, because of all the important and legal concerns attached to it, but it should be planned keeping in mind your own preferences and the concern for your children’s betterment. The following 4 reasons will convince you to get the ball rolling with estate planning.
Save Your Family From Heated Court Battles:
After your death, if there is no written Will left by you to your family, this might create some quarrels within the family. Your siblings or spouse might fight over issues related to the wealth and other financial assets left behind by you. When there is no one particular person who has been assigned the position to distribute your assets after your death, then people with no right to intrude, might interfere in your personal family affairs. It all just leads to trouble.
Secure Your Heir’s Future:
The sole purpose of estate planning is to ensure that the future of your family and children is made secure. Throughout your life you paid your insurance and saved money in a retirement plan. Should it be utilized to pay for your son’s college tuition? Or to help your daughter start her own business. These points can be mentioned in the Will as per your own and your family’s preferences. I know that may seen like a silly scenario, but things like that this actually happens. The devil is in the details. When certain things go unaddressed, there is always trouble.
Prevent Unwanted Heirs:
If you, by any chance make the mistake of not penning down a Will, with no specified heirs, then the state court would deem it necessary to decide who will become your legal heir, on its own. This situation is extremely time consuming and might lead to the selection of heirs who were never meant to be beneficiaries. Potentially keeping your intended heirs’ from inheriting your financial assets.
Appoint Guardians for Younger Children:
If in an unfortunate event, both parents pass away, leaving behind young immature children, then the Will should specify a person who will take the responsibility of Guardianship of those children. You should always appoint someone closest to you, someone who you trust as your children’s guardian, so that after your demise, your children’s future would be in safe hands.
Estate planning also assists in the distribution of your property among family members, or selecting the charity to which some part of your wealth would go. Settling taxes and debts should also be mentioned in the Will, so that the executor of your Will, knows how to resolve and carry out each and every one of your last wishes, keeping in line with your predilections.
It’s important to note that estate planning is not just for the super wealthy. Estate Planning could save your family a lot of headaches down the road. Just the give it a thought. Let us know in the comment sections below what your thought are, or if you have any questions. Check Our Reviews page for more insight into trusted companies. Check our site for reviews of all kind.