While life isn’t always predictable, you can still confidently plan for the future. Specifically, by creating an estate plan early on, you’ll have peace of mind knowing that your assets and your beneficiaries will be taken care of after you pass away. However, many people may become overwhelmed when they’re thinking about passing on and put off this important responsibility as long as possible. If you’re on the fence about creating these legal protections, here are a few reasons you shouldn’t wait to talk to a lawyer about your estate planning needs.
5 Benefits of Early Estate Planning
1. Clarifies Final Wishes
Without a will, many decisions involving the treatment of your death and the distribution of your assets could be left up to your next-of-kin. With a will, your estate plan can provide details on how you want your remains to be handled and who will inherit assets. It could also provide instructions on how to pass a business on to another party.
2. Appoints a Guardian for Children
If you pass away and your child has no other viable living parent, the court will decide who will care for the minor. Usually, the court will appoint an immediate family member, such as a grandparent. However, if no immediate guardian is available, your child may be placed in foster care. To avoid these challenges, appoint a guardian in your will. This decision ensures that your child will be cared for by someone who you approve, including a cousin, aunt, or even a close friend.
3. Minimizes Legal Costs
Rushing to create or adjust an estate plan—such as in the case of a terminal illness or sudden divorce—can require in-depth legal support that can be expensive. By taking estate planning early on, you’ll not only be able to avoid these costs, but you’ll also have more time to comfortably explore all your options.
4. Reduces Stress on Loved Ones
Not having an estate plan can leave your surviving relatives with the burden of having to resolve debts and figuring out how to distribute assets. In some cases, these variables may lead to additional conflict between beneficiaries.
5. Protects Rights When Incapacitated
If you become incapacitated without an estate plan, you may lose say over how your medical matters are cared for. An advance directive, however, can outline these wishes, such as whether or not you’d want to remain on life support in certain circumstances. You can also create a power of attorney that names an individual who is trusted to manage your accounts and legal matters until you’re of sound mind and body.
Estate planning is easy when you work with Law Offices of Robert B. Liotta, Esq. Specializing in all areas of estate law, this Lower Burrell, PA, attorney will prepare all the documents you need to safeguard your beneficiaries and assets in the future. With an individualized approach, this provider will take time to address your specific concerns and develop solutions that offer you peace of mind. To learn more about his estate planning services for residents in Westmoreland, Allegheny, and Armstrong counties, visit his firm online or call (724) 334-9870.