Nearly two-thirds of Americans report that they do not have a will in place. That statistic is shocking enough, but the numbers are even higher for families with children still living at home. The team members at Tudor Wilson & Associates CPAs in Honolulu, HI, say that every adult—no matter how young or healthy—needs to create an estate plan to govern their assets after he or she passes away.
Below, these expert CPAs explain three reasons you should start estate planning now.
3 Reasons CPAs Say You Should Start Estate Planning Now
Prepare for a Future You Can’t Control
Despite your best efforts, you cannot predict or control the future. Accidents happen, and healthy people contract unexpected illnesses. The uncertainty of the future should not lead you to despair, but it should serve as a warning to keep your financial affairs in order, so your wishes will be preserved if the unthinkable does happen.
Provide for Your Family
When you pass away, you want to ensure your family is cared for. Creating a detailed estate plan with the help of a CPA will give you the assurance that your financial assets will pass to your loved ones and that they will know how to access them. If you have children, you need to appoint them a guardian of your choice rather than leaving the decision to the courts. Even your pets need you to assign them a permanent custodian to make sure they continue to receive loving care.
Plan Your Digital Estate
When you pass away, you will leave behind a trove of digital assets, including images, videos, emails, and social media accounts. Working with a CPA to prepare an estate plan will allow you to provide your heirs with direction about how to preserve or dispose of these assets.
Estate planning is a complex endeavor, so enlist the help of a professional estate planner at Tudor Wilson & Associates CPAs. This Honolulu accounting firm has served the area since 1999, so you can trust that they will provide you with sound financial advice and superb customer service. Call (808) 592-2000 to schedule an appointment or visit their website to learn more about their financial and tax preparation services.