As you get older, it’s important to keep an eye on your future. Although you may not have any health or financial issues, it is imperative to have a plan in place to help you and your family deal with the situation. The best time to plan for your future is now, while you are well.
Putting off your estate plan is a recipe for disaster
If you haven’t gotten an estate plan in order yet, it’s understandable and common. People feel that they have plenty of time to get their affairs in order. Unfortunately, more than half of Americans wait too long to get an estate plan, even those dealing with long-term diseases. It is often estimated that between 55-60% of Americans die without a will, trust, or estate plan.
While it may seem easier to procrastinate than to prepare your estate plan, failing to plan will leave your chosen agents without any authority to act or settle your affairs without going to court. If this year has taught us anything, it is that regardless of your age or health, disaster can befall us at any time.
What does estate planning accomplish?
Many people are simply unaware of what an estate plan accomplishes. The main objectives of any estate plan is to allow you to put the people you most trust in control of your financial and health affairs in the event of your incapacity or death. Estate planning will ensure that you are taken care of if you can’t take care of yourself and, in the event of your death, allows for the orderly distribution of your property. Good estate planning can make it all happen without interference by the courts or a judge.
Getting started is easier than you may think. It involves contacting a professional who focuses on estate planning who can answer your questions and let you know what sort of plan is best for you. A skilled professional will ask questions and present scenarios that you may not considered. After that initial consultation, you’ll be more informed and confident in your ability to get an estate plan that reflects your individual needs and family.