Estate planning is not just for the wealthy elderly. Adults of all ages benefit from estate planning. An ‘estate’ is simply all the money and property owned by someone. To make your wishes clear in the event of your death, do your loved ones a favor and lay out the details in writing. All to often disputes appear after a death in the family. It doesn’t need to be this way.
When Unsure, Always Seek Out Advice That Was Earned Through Experience.
It would be a mistake to begin estate planning only after you feel you know everything there is to know. For one, you are probably not a lawyer. Secondly, if you wait until you’re ready it will never happen. Seek out an experienced source to help you get started and to act as personal support.
Don’t Be Caught Off Guard: Planning Early Is the Best Policy.
The American Association of Retired Persons found in one survey on estate planning that up to 35% of respondents didn’t have a will because they had procrastinated on it. Sometimes procrastination is forgivable. Failing to plan for your death is not one of those times.
No one really knows when they will die. Even long illnesses do not have a set date. While unforeseen tragedies can strike at any time, it is still necessary to create a will and other plans as soon as possible. Begin to plan now for how your property and money will be split up amongst your family and friends.
No Property Is Too Small: Don’t Dismiss Your Personal Belongings.
Even small estates need to be divvied up. Consider your family’s heirlooms. They likely have special meaning to those in the family. Yet some items might mean more to one member more so than another. There is a high chance of disagreements when emotions are running high. The lack of a will could easily lead to in-fighting during a period of mourning, and there is no need for it to happen.
There is often a misunderstanding about assets when drawing up wills. Many people do not have large amounts of property to divide. Many people don’t have a large fortune either. This is often an excuse for not having a will at all. Remember, an estate is any and all money and property, and there is no size limit.
Does Everyone Have a Will Already?
A survey of Millennials, the group of people aged 18 to 36, found that 78% do not have a will. That same study found that 64% of Generation X, the group of people 37 to 52, also do not have a will. So if you haven’t begun yet, don’t fret. These facts are not to be used as an excuse however. Planning for the dividing of assets is better done while you are still living.
Estate planning is for all adults, not just the wealthy. Your items are keepsakes in the case of your death. Family members and friends will want to know what your wishes were concerning dividing your assets. Do everyone a favor and create your will today. None of us know when it might be needed.
