Many people mistakenly believe estate planning is only for the elderly and wealthy. However, every adult benefits from creating an estate plan regardless of their age or wealth. Life is full of unexpected events and nobody’s future is certain. This is why the attorneys at Estep & Estep advise their clients in Tazewell, TN to start estate planning sooner rather than later. Here are three reasons not to delay. 

Why It’s Important Not to Delay Estate Planning 

1. Ensure the Proper Distribution of Your Assets 

Estate planning provides the opportunity to remain in control of your assets even after you’ve passed away. Having a will or trust allows you to leave instructions as to how your property should be distributed. In the absence of an estate plan, your assets will be passed down according to your state’s intestate laws. This means certain family members and organizations might  be excluded from receiving anything, or your treasured belongings could end up in the wrong hands. 

2. Dictate Who Will Care for Your Minor Children 

If you have children under the age of 18, estate planning is even more essential. Drafting a will is the only way to legally name a guardian to take care of them should you experience a premature death. Without a will, the court will appoint a guardian to raise your children, usually the next of kin. Even if you had verbally designated someone else for this big responsibility, without documentation in an estate plan, a judge cannot carry out your wishes.

3. Protect Your Affairs Should You Become Incapacitated

An estate plan can be used to protect much more than your assets. If you become incapacitated and unable to manage your affairs, estate planning documents will designate someone you trust to make medical and financial decisions on your behalf. You may also clarify the end-of-life care you desire. Without a power of attorney, the court will decide who will oversee your affairs. 

Creating an estate plan ensures your final wishes are carried out and help streamline the inheritance process. The experienced legal team at Estep & Estep will help you craft a plan that meets your unique interests. Contact them at (423) 626-3525 to go over your estate planning needs, or visit their website for more information.