While talking about end-of-life matters may not be the most attractive thing for you to do, it remains to be an important one. This is because planning your estate can help you secure the future of any dependents that you may have. It can also secure your own future in case an unforeseen event leaves you unable to take care of yourself as you would want to. Have a look at the outline below to see four reasons why you need to start your estate planning as soon as now.
1. You Can Save Money
With a well-drafted estate plan, you can save a good amount of money in the form of tax breaks. For instance, a SLAT will let you remove up to $12.06 million from your estate and place it in an irrevocable trust for your partner or spouse, according to Perlin Estate Planning. This shows the importance of not just planning your estate, but also involving a professional in the process. They’ll advise you on the best way to proceed and you can take advantage of this to maximize your savings and do the best for your beneficiaries.
2. You Have No Idea What May Happen, or When
Another reason why you need to prioritize estate planning is because you don’t know what may happen, or when it might. For instance, there were 105,600 traffic accidents in Virginia. These resulted in 52,668 injuries and 847 fatalities, according to a recent study in 2020. That said, it’s better to be safe rather than sorry by planning your estate as early as possible. This is going to give you peace of mind as you go about your day-to-day activities. You’ll be confident in the fact that, no matter what happens, your best interests and family’s well-being are protected.
3. There’s More Than Wealth and Assets that You Can Secure
When planning your estate, it’s not always just about money. This is because you can also prepare powers of attorney and outline the kind of care you’d like to be taken of you in the event that you’re no longer able to take care of yourself. This means that even if you’re part of the one out of three Americans without a living trust or will that claim they don’t have enough assets to leave behind, there’s still something you can cover with an estate plan. Find out from your attorney the right way to put down your wishes for the future so that the best outcome will be realized when it needs to be.
4. You Ensure Your loved Ones Maintain Their Lifestyle
Last but not least, with an estate plan, you can make sure that in case something happens to leave you unable to continue providing for your loved ones, they can maintain the lifestyle they’re used to living. This includes being able to continue attending a good school for your children and maintaining conveniences like family cars and other details. With an estate plan, you can make sure that once your children come of age, they have access to funds that will enable them to further their education and get the best out of life, even in your absence. To be able to do this the right way, you should spare some time to do research and also work with a professional. They can make things a lot easier for you to do, enabling you to get a better outcome as well.
These four reasons should motivate you to start planning your estate now. You’ll find that it’s an easy process that won’t take a lot of time to do the right way. Consequently, you can take control of the future, at least to some extent.