Wills, trusts, powers of attorney, healthcare directives…these are all types of estate planning documents we think we won't need until we're older. The truth, however, is that it is never too early to start estate planning, and the best way to design the documents you need is to enlist the services of an attorney. Below are three reasons why it's better to begin your estate planning sooner rather than later.
3 Reasons It's Never Too Early to Start Estate Planning
1. Take Care of Your Loved Ones in the Event of an Unforeseen Tragedy
There are no guarantees that any one of us will live to a ripe and healthy old age. Illnesses and accidents happen every day, and our lives could change in the blink of an eye. To best take care of your loved ones in the event of an unforeseen illness or accident, have the right safeguards in place: comprehensive estate plans that will give them financial support and security after you're gone.
2. Have a Say in the Division of Your Estate
If you die without estate planning documents like a will, your estate will be divided according to your state's intestacy laws. This could mean that people you wouldn't want to inherit your assets could become your heirs, while others who you would want to name as heirs are shut out. A will ensures your wishes are respected, and those you designate as beneficiaries are the ones who will benefit from your estate.
3. Protect Your Property
If you own property in your name only, you likely want to make certain it is passed along to your heirs. But property can get caught up in the often lengthy and involved probate process, and it might even be sold to offset any outstanding debts you may have. Estate planning like living trusts allow you to transfer ownership to the trust now, and when you pass away, ownership transfers to the beneficiary you've named; the entire probate process is avoided.
Attorney Jim Snow at the law office of James M. Snow Law has four decades of experience serving the people of the High Point, NC, area. Call (336) 889-4024, visit the firm's website, or connect with them on Facebook or Twitter to schedule an estate planning consultation. Don't put off taking care of your loved ones and your legacy; start creating your estate plans today.