The Benefits Of Estate Planning While You're Young

Estate planning is probably one of the last things you think about when you’re young. However, life is always changing, and the future may surprise you with what it holds.

Whether it's a divorce, death of a loved one or having a child, these (and other) life events can play an important part in an estate plan. 

1. Leaves Time For Planning

By taking on the task of estate planning when you’re young, you give yourself plenty of time to think things through when deciding on beneficiaries, executors of your estate, and who will 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 important to make these decisions while you are young and have the time to fully think about what you want your wishes to be. 

2. Minimizes Taxes & Other Expenses

When preparing an estate plan, one of the most important objectives should be to lessen taxes and other expenses as much as you can. By doing this, you’ll make it easier on your loved ones, especially when it comes to probate.

You’ll 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 figure out your estate plan while you are young, there will be less confusion when it comes to your final wishes. By having wills, trusts, or other legal documents in place regarding the distribution of property and other matters, it’s less likely that family disputes will occur in the years to come. By figuring out your estate plan early, you and your family will have peace of mind in the future.

4. Provides For Your Immediate Family

When a loved one passes away unexpectedly, and little has been done in regards to estate planning, the surviving spouse and children will often find themselves suddenly facing many financial battles. Due to this, homes and other items will have to be sold, and the standard of living usually suffers. 

This can all be avoided by creating an estate plan. Whether you address what your intentions are in a will or by placing assets in a trust, you will set the stage for your immediate family to be taken care of financially no matter what the future may hold. 

5. Ensures Everyone Is Cared For

When it comes to estate planning, one of the most important parts involves being able to set aside assets in order 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 are able to 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. Helps Plan For The Future

When you are young, the last thing you expect to happen to you is becoming incapacitated, either physically or mentally. However, if you do find yourself involved in an accident or suffering an unexpected health emergency, you could be facing this kind of predicament. 

If this does happen and no estate plan has been put in place, decisions may be made that would differ from what you would otherwise desire. In order to avoid this, you can create a power of attorney and other healthcare directives which 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. 

Speak With An Estate Planning Attorney

While many of these areas and decisions may be hard to think about and talk about with family and friends, doing this 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, get in contact with one of our estate planning attorneys. 

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