Sometimes we avoid doing certain things. It could be because we aren’t sure how to approach said thing or are afraid to. Talking about end-of-life planning is one of those things people avoid. In fact, research in 2017 from Caring.com reveals that less than half of the adults in the United States have their estate plan figured out. While it’s understandable why one would avoid planning for the end of their life, there are reasons as to why you should plan your estate now..
Never too early to account for assets
Planning now will allow you to consider things that may get lost in the later years of life. Maybe it’s something small that can be easily misplaced or lost, but carries strong sentimental value. Planning now rather than later can help you keep track of things you know will be passed on. Think of it like making a checklist of valuables for whenever you move. You obviously want to bring them with you wherever you go, but sometimes things can get lost. Planning early though can help you keep track of what’s worth including in your estate plan.
You never know what may happen
While it’s difficult to think about, you truly don’t know what can happen in a day. Unfortunately, we can’t control everything around us. Accidents – which are predictable and unpredictable – happen, and nobody is impervious to such accidents … yet everyone is prone to them. People pass away every day and without an estate plan, their loved ones are left to clean up the estate. That in turn can lead into a lot of trouble. Planning your estate ahead of time will lessen this burden on those left behind and ensure the fulfillment of your wishes.
Avoiding future issues
In our blog that talks about the importance in writing wills and bequests , there are consequences when someone passes and there was no plan. The biggest consequence being time and cost to your loved ones. If you pass without a will and plan, then someone must be appointed as your estate’s personal representative by the probate court. That person must then gather the assets and dispose of them under the watchful eye of the probate court. While we’re able to parse the process of collecting and distributing assets down to a couple of sentences, the process could take months. That’s not all, because needing the assistance of an attorney could cost thousands of dollars. By planning ahead, the collection and distribution of your assets could be done in days.
At The Probate ProSM, we’re here to help you keep track of your assets, plan for your future and prevent any unnecessarily long processes. Our group of attorneys focus on estate planning and are ready to put together a plan with you. If you or someone you know may need estate planning services, call us at 1-877-YOUR-FIRM.