It’s the new year and you are ready to become a new you. You’ve made some important resolutions, such as losing weight, staying off social media, and spending more time with family. That’s your plan, at least. For the first couple of weeks, you manage to do just what you said you would. However, as the year goes on, more and more obstacles get in the way of those resolutions. They get pushed to the back burner yet again.
Does this sound at all familiar? Remember, you don’t have to accomplish everything you want in the month of January. Resolutions for the new year are made specifically for the year- that means you do have 365 days to get it right. However, it’s often just easier to put it all off until the next year. This is often the case for parents who are thinking about a living trust or a will. They don’t think they will be dying any time soon, so why bother just yet?
The one certain thing we can say about the future is that you can’t always plan for every event. Sure, we hope for the best, but having a plan in case something bad does happen is absolutely what is best for your family. Let’s look at five reasons why you should plan your estate as soon as possible.
1.Just because you aren’t rich doesn’t mean it isn’t important
Some people believe that estate planning is something only the wealthy do. This isn’t true. Everything you own, such as bank accounts, real estate, furniture, cars, jewelry, and clothing, is part of your estate. Your estate isn’t just about the cash you have. If you pass on, you may want certain people to get specific items you leave behind.
2.It’s useful when you are alive
You may become psychologically or physically unable to voice your own wants and needs, due to illness or injury. If this happens, having an estate plan will be the way your wishes will be met. A long-term care plan and power of attorney is the first step to making sure your loved ones know what you want when you cannot voice it on your own.
3.You want to avoid your assets going into probate
If you do not plan your estate, a probate court will typically get involved after your death. That is an avoidable option. A probate court is public so all of your financial matters will be open to your neighbors, friends, and those who might want to profit from your demise.
4.You can still make changes
Making a will or trust doesn’t mean it is set in stone. In fact, it is recommended to make updates or changes every few years. This is very important when something big happens in your life, such as a divorce, baby, or marriage. You may need to reconsider your distribution of assets.
5.You’ll have peace of mind
There is nothing better than knowing your family is set in the event something happens to you. Just remember to keep your family informed of the process. Communicating clearly with them now will save you a headache later. Get ready to make 2019 the year that you actually do secure their future.
We welcome you to contact Ison Law today! We have been supporting our clients in estate and asset planning since 1983.