Many people think that estate planning is a task reserved for older generations. Others simply put it off because it can be difficult to confront the idea of mortality. But the purpose of an estate plan is to make sure you and your family are prepared for the future. And since life can be unexpected, it doesn’t hurt to take the necessary precautions.
That’s why creating an estate plan as soon as you can is ideal. Here are just three specific reasons why you may want to get a head start.
To take care of your children
If you’re a parent, creating an estate plan early on will help you take care of your kids, even if you aren’t there to do so in person. For parents with children under the age of 18, an estate plan will allow you to name a guardian for your kids — someone to look after them, raise them and provide for them should something happen to you.
If you have adult children, having an estate plan in place will allow you to plan their role in the inheritance process when the time comes.
To prepare for health complications
You never know when your health could take a turn for the worse. Even if you’re in good health now, a sudden accident or illness could change your life in an instant.
If this happens, having documents such as an advance healthcare directive in your estate plan can be extremely helpful. That way, you can make your wishes known before an accident happens so that if you become incapacitated, your caregivers can follow your instructions even if you’re unable to give them.
To maintain control over what happens to your assets
When the unexpected happens and you die without a will or any other important estate planning documents, you have no control over what happens with the distribution of your estate. Without a will, New York intestacy laws will take over and divide your estate for you.
While your possessions will likely go to your immediate family members, you won’t have a say in the specifics. Creating an estate plan as soon as possible can help you avoid this.
Start planning today
As life changes, so should your estate plan. You can always go in and make necessary changes or updates. In fact, it’s a common recommendation to revisit your estate plan every three to five years to ensure that the conditions and instructions still match your current wishes and life circumstances.
Creating an estate plan as early as possible might seem like a monumental task. But having one in place can help bring you and your family peace of mind so you can continue to enjoy life, knowing that your future is in good hands.
