The best time to start planning your estate is now—that is, everybody who is of legal age should consult an estate planning attorney immediately. Here are some of the reasons you should start the process as early as possible:
You Don't Know the Date of Your Demise
Most people expect to live full lives and die in their old age, but the reality of life is different. Nobody knows when they will die. A big reason for planning for the preservation and distribution estate is to help your heirs or beneficiaries after your death. Since you can die anytime, plan your estate now so that you don't create complications for your loved ones later.
It's Not Just About Estate Distribution
As mentioned above, estate planning helps you to plan who will get your properties after your demise. However, this isn't the only thing you can accomplish with estate planning. Here are other things you can use it for:
- Setting up a medical power of attorney so that you have somebody to make your medical decisions if you are too sick to make them on your own.
- Setting up a financial power of attorney so that your finances won't go into disarray if you are incapable of making financial decisions.
- Deciding who will look after your kids if you are incapable of doing so.
All these are things you can need at any age, so you need to start estate planning as soon as possible. For example, even a college student can get paralyzed after a nasty accident, rendering them unable to make medical decisions. With a medical directive in place, the student doesn't have to worry about not having their wishes followed.
It Takes Time for Trust to Grow
Even if you have a long and healthy life ahead of you, it still makes sense to plan your estate early in your life. This is especially true if you want to wish to start a trust fund for your beneficiaries. Unless you are rich, it will be easier to grow the trust fund over time than to wait and grow it with a lump sum funding. Apart from that, the estate planning process can also help you become more financially responsible.
For example, you will have to take stock of your investments, insurance policies and other valuable assets you may own. This will help you know the true state of your estate and help you make amends whenever necessary.
To learn more about your options, contact local firms like Todaro David M Co LPA.