Many people are under the mistaken impression that, if they are young, healthy, or both, then they do not need to worry about estate planning. Why spend time and money when you don’t plan on dying any time soon, right?
The key part of that last sentence is, “you don’t plan” on dying. The fact is, most people never do.
It is never too early to start the estate planning process. You don’t have to be rich or have a ton of assets or be on the verge of kicking the bucket. You simply have to be a person who wants some peace of mind for themselves and their loved ones.
Below we’ve listed five reasons you should start planning your estate as soon as possible.
1. The unexpected can happen at any time
None of us is immortal and, depending on who you believe, none of us can predict the future. Life can throw twists and turns at you that you never expected or thought to plan for. Just because you are healthy right now does not mean you shouldn’t plan for what you want to happen when you die. Estate planning will help ease the burden on your family if you die unexpectedly and can help to make sure the people you love are taken care of. No one likes to think about death, but wise people plan ahead for this eventuality.
2. Provide for your family
Where would you spouse or your children be if they suddenly lost your income? Would your kids be able to afford college? Would your spouse be able to afford to pay all of your funeral expenses and continue to afford your family’s living expenses? No matter your age, if you have a spouse or children, then you should always have an estate plan in place to ensure they are taken care of after you’re gone.
3. What happens if you’re incapacitated?
Estate planning not only covers what will happen after you die, but also what to do if you are disabled or incapacitated. If you lose the ability to manage your own affairs, the courts will choose someone to entrust your entire life to. They will make your financial and medical decisions, and they’ll be responsible for your care. If you have an estate plan in place, you can create an advance healthcare directive to designate ahead of time who that person will be and leave instructions for the actions you want them to take.
4. Retirement accounts
If you’re like most people of working age, you probably have some sort of retirement account like an IRA. But when was the last time you updated it? Who will be the beneficiary of your retirement account if you die? Estate planning can account for retirement assets and pass them on to your chosen beneficiaries.
5. Business
If you own your own business it is especially important to put an estate plan in place as soon as possible. Your plan can designate exactly what to do with your business when you are gone and who you want to carry out those actions. Maybe you want to sell the business to provide money for your family. Maybe you want ownership to pass on to your kids. Whatever the case may be, you should create an estate plan to includes any businesses you own.
The time is always right to start planning ahead. Give us a call as soon as possible to start building an estate plan that will secure your legacy and your family’s future.
Attorney Russell J.G. Amsberry
Attorney Russell J.G. Amsberry founded the Amsberry Law Firm in 1995 with the goal of providing clients with exceptional, focused representation on their issues. His success as a legal advocate has been reflected in the numerous professional honors he has received, such as speaking engagements and inclusion in Scene in SA magazine’s listing of the best lawyers in San Antonio, a Distinguished rating from Martindale-Hubble, and an amazing rating from Avvo. [ Attorney Bio ]
Amsberry Law Firm
Latest posts by Amsberry Law Firm (see all)
- Six Essential Pieces of a Pre-Planned Adoption Agreement - July 8, 2022
