Three Reasons Why You Should Work On An Estate Plan Today
If you're facing a chronic illness, planning for the future is vital to your family. Even if you're not facing an imminent threat or health concern, no one is guaranteed tomorrow. Don't leave the future impact of your life's work in the hands of strangers or an unyielding system of legal regulations that distribute your assets in a way you might not like. Here are three reasons why you should start working on an estate plan today.
1. Protect Your Family
An estate plan consists of legal documents you prepare ahead of your death that covers the end of life issues you face. Should you be in an accident or sustain an injury that leaves you unable to speak for yourself, planning ahead keeps your family from legal battles they face in trying to carry …show more content…
Control Your Property
After your death, your estate determines who gets what and when they get it. If you die without one, your assets could legally go to people you don't like. Your stuff could wind up in the hands of people you don't even know.
When you die, what happens to your assets if the people you love get divorced? What happens if those people are subject to lawsuits? Without an estate plan, the inheritance you've worked all your life to obtain could disappear into the hands of strangers instead of supporting your loved ones.
If you have young children at the time of your death, should they be allowed to receive their inheritance at that time? By planning ahead, you get to stipulate the agent means by which they have access to that money. That way, they don't receive the benefit from your life's work when you're too young to handle it.
3. Planning for incapacitation
Many people become incapacitated before their death. Without an estate plan, your family must guess, argue, and seek a court order to determine whether you should remain on life support and other critical issues. Make your wishes known beforehand, so that your family is at left with this additional burden at a time when their grieving the
1. Protect Your Family
An estate plan consists of legal documents you prepare ahead of your death that covers the end of life issues you face. Should you be in an accident or sustain an injury that leaves you unable to speak for yourself, planning ahead keeps your family from legal battles they face in trying to carry …show more content…
Control Your Property
After your death, your estate determines who gets what and when they get it. If you die without one, your assets could legally go to people you don't like. Your stuff could wind up in the hands of people you don't even know.
When you die, what happens to your assets if the people you love get divorced? What happens if those people are subject to lawsuits? Without an estate plan, the inheritance you've worked all your life to obtain could disappear into the hands of strangers instead of supporting your loved ones.
If you have young children at the time of your death, should they be allowed to receive their inheritance at that time? By planning ahead, you get to stipulate the agent means by which they have access to that money. That way, they don't receive the benefit from your life's work when you're too young to handle it.
3. Planning for incapacitation
Many people become incapacitated before their death. Without an estate plan, your family must guess, argue, and seek a court order to determine whether you should remain on life support and other critical issues. Make your wishes known beforehand, so that your family is at left with this additional burden at a time when their grieving the