Even though many people think they will have “plenty of time” for drafting wills in the future, it is essential to take charge of estate planning and make end-of-life decisions as soon as possible. In reality, estate planning—at any age—is an essential part of financial planning.
This ensures that your loved ones will receive precisely what you want and that your assets and wealth will be distributed to satisfy you. Furthermore, estate and end-of-life planning provide an exceptional opportunity to ensure that those offering care for you know your wishes. Therefore, you should not wait to draft an estate plan and seek legal consultation to make one.
Why you should start estate planning early?
Building an estate plan’s financial framework is an essential phase. You can define, for example, how your assets will be distributed, how you want your outstanding debts to be settled, and whether or not you want responsibilities due by others to be forgiven through drafting a will.
You will also be able to talk about your tax substitutes and how inheritance tax might affect any heirs you may have. Furthermore, you might be able to take care of the financial load and funeral planning in advance, alleviating your family’s worry.
- End-of-life care
Health care directives are an element of estate planning, enabling you to express your choices for medical care in case communication is hampered. It might be difficult to discuss this with family members at times, but making a health care directive guarantees that the medical team is aware of your specific preferences.
You also have the choice of establishing a medical power of attorney. This agent has the power to make medical decisions on your behalf. You must clarify every choice you may have for your end of life. Establishing this plan helps protect you and ensure you get the desired treatment.
- Inheritance
If you own personal assets, such as real estate or financial stakes, you may wish to make plans for their distribution after your death. You can set up a trust or a will to protect your personal belongings and ensure those you want to inherit them receive them. A will is essential because, regardless of your age, you want to ensure that your loved ones are taken care of and protected after your death.
Consult with your attorney.
Contact an estate planning lawyer who will assist you when you are ready to start organizing your estate. Inquiring about your goals and choices, your lawyer could help you develop a plan that suits your needs. You do not need to feel overwhelmed or frustrated by this situation.
