Many people are under the impression that estate planning is only for older individuals, which means there’s no reason for them to worry about it now. But having a will and a plan for the future can protect both you and your family from the unexpected, as well as make it easier to pass on more of your estate. If you haven’t started estate planning yet, Cecil & Cecil PA in High Point, NC, outlines three reasons you should.

Why to Start Estate Planning as Soon as Possible

1. Reduce or Eliminate Estate Tax

Federal estate tax is assessed based on the value of the entire estate, minus certain standard exemptions. This applies to everything you pass on — not just money; your house, car, and any other property count toward the total value of your estate. Normally, the exemption amount is the same for every estate. But if one married partner dies before their spouse, each one can receive an exemption. With appropriate planning and careful management beforehand, you can double the amount that is safe from taxation.

2. Make Inheritance Decisions

The law makes provisions for people who die without a will, ensuring their possessions will pass to their spouses and children. But what if you’ve been married more than once or have stepchildren who you want to inherit some of your belongings? What if you want to leave part of your estate to a charity or you have specific conditions for how your family uses your money? Estate planning offers the opportunity to lay out your wishes so your property will be treated as you choose.

3. Provide for Disability

While it may be painful to consider the possibility, something could happen to you at any age, and death is not the only way you can be taken from your family. Permanent disability may leave you unable to provide for your loved ones or manage your own finances and care. But with the help of an attorney, you can leave instructions for these situations, including whether you want to be on life support and how your care should be paid for.

Estate planning is the best way to ensure the future you want for your loved ones. Call Cecil & Cecil PA at (336) 883-8383 and start your plan today. Visit their website for more information about the practice and how they’ll help you.