When you're young, estate planning is the last thing on your mind. However, life is constantly changing, and you never know what the future may hold. Whether it's a divorce, death of a loved one or having children, these and other life events can play an integral part in an estate plan.
Though the vast majority of people think estate planning is done only by those who are wealthy, the fact is virtually anybody can benefit from laying out a comprehensive estate plan as early in life as possible. If you're considering creating an estate plan but have additional questions, here are some of the benefits of estate planning.
#1 - Leaves Time for Planning
By taking on the task of estate planning while you are young, you allow yourself plenty of time to think things through when deciding on beneficiaries, executors for your estate, and even who may take care of your kids should you pass away unexpectedly.
Since these are some of the most important decisions you will make in your lifetime, it is best to do so while you are young and have the time to fully consider what your wishes are.
#2 - Minimizes Taxes and Other Expenses
When preparing an estate plan, one of the biggest objectives should be to reduce taxes and other expenses as much as possible. By doing so, you make it easier on your loved ones, especially when it involves probate. You also have your finances set up so that your family and other beneficiaries can get the maximum amount of money and property you wish for them.
#3 - Leaves No Questions
If you complete an estate plan while you are young, there will be no questions whatsoever as to your final wishes. Thus, by having wills, trusts, or other legal documents in place regarding the distribution of property and other matters, there will be less chance of family disputes occurring in the years to come. By planning early, you and your family can gain tremendous peace of mind.
#4 - Provides for Your Immediate Family
When a loved one dies unexpectedly, and little has been done regarding estate planning, the surviving spouse and children often find themselves suddenly facing many financial hardships. As a result, homes and other items usually have to be sold, and the standard of living generally falls.
By creating an estate plan, this can be avoided. Whether making your intentions known in a will or placing assets in a trust, you will set the stage for your immediate family to be taken care of financially no matter what may happen.
#5 - Ensures Everyone is Cared For
When it comes to estate planning, one of the most critical aspects involves being able to set aside assets to assist those who may need specialized help. For example, if you have a child who has a disability that may require special medical care for years, you can plan for this accordingly.
Also, if you want to set aside money for your children's college funds, you can do this as well. If you have pets, you can designate who will care for them and provide them with the resources to make sure they are taken care of, no matter what.
#6 - Plans for the Future
When you are young, the last thing you expect to happen to you is becoming incapacitated, either physically or mentally. However, should you find yourself involved in an accident or suffering an unexpected health emergency, you could be facing just this kind of situation.
If this happens and there is no estate plan in place, decisions may be made that would differ from what you would otherwise desire. To keep this from happening, you can create a power of attorney and other healthcare directives that will state who you want to be in charge of making decisions about your health, kids, and other areas should you be unable to do so.
Speaking With a Hinsdale Estate Planning Attorney Can Help
While many of these areas may be difficult to think about and discuss with family and friends, doing so now can save you and those you love much heartache later on. Should you have additional questions or need help deciding what may be best for your situation, contact the estate planning attorneys at Russo Law Offices.
Contact us today at (630) 608-6697 to find out how to create your estate plan!