It can be easy to put off estate planning until later. After all, considering what will happen after your death is not exactly pleasant. But while it may be somewhat uncomfortable, creating an estate plan is absolutely necessary for everyone, no matter your age or wealth.
You should have a will at the very least. Depending on the scope of your estate and the complexities of your family, you may need a more robust plan. In any case, here are the top reasons you should start estate planning now.
Pass on your assets and wealth to the people you want
Perhaps the most important reason to have an estate plan is to transfer your estate according to your wishes. If you die without an estate plan, you will not be able to control who will get your belongings or money. With an estate plan, you get to designate who gets what.
Prevent future family disputes
You do not want to believe your family will bicker when you pass away. Unfortunately, sibling rivalries and family grudges may rear their ugly heads upon your death. If your family squabbles over your estate, they may take one another to court. Thankfully, if you create a clearcut estate plan, you can reduce the likelihood of probate arguments.
A comprehensive estate plan may help you avoid the probate process as much as possible. Probate is a very public, expensive and lengthy process for your beneficiaries to experience. You can save your family from this inconvenience by crafting a plan with the help of a lawyer. Establishing a trust, giving gifts and establishing joint ownership are just a few ways you can minimize the effects of probate.
There are numerous reasons why setting up an estate plan is a smart idea. But to put it simply, if you want to protect your assets and loved ones, you should get an estate plan in place.