Planning your estate is the right thing to do, regardless of your current financial worth and the assets you have. Have a look at five good reasons why you should do so right away.
1. You Will Safeguard Your Estate
When you plan your estate, you secure it and safeguard it against different risks and unforeseen scenarios. This is because you can outline what should be done with your assets when you’re gone or you’re not in a state to say and do it yourself. In this way, you will protect your assets from falling into the wrong hands or being used in a way you would not like them to be used. Seek legal help in planning your estate so you can know things such as what a Summary Administration is. It may be filed when the entire estate’s value that’s subject to administration is less than $75,000.
2. It Will Protect Those You Love
If you have dependents or a spouse, planning your estate can go a long way in sparing them from financial hardship as they will be provided for as per your instructions. They will also be safe from lengthy and harrowing legal battles that may be necessary in order for them to get what you would have wanted them to have. Keeping your offspring safe from the uncertainties of life is a big motivation for any caring parent to plan their estate.
3. You Can Leave a Legacy
If you have a cause that you care about or a charity that you would like to support, this can be done by planning your estate. You can outline in your wishes that you want to leave a part of your wealth to them to assist them in their endeavors. This is a gesture that they will appreciate greatly and that will have a positive impact on their operations. This cause can be anything under the sun, and you can seek the help of a professional like an underwriter if you need it and depending on your specific cause and situation. Out of the reported 110,400 employed underwriters in 2018, about 42% of them worked with direct insurance carriers, so you can even get more services under one roof for an exhaustive process.
4. You Put Your Wishes Across
Planning your estate is not just for when you’re gone, but it can also be used when you’re incapacitated and cannot make decisions and take action yourself. This may occur when you get into an accident that leaves you in a coma, for instance, or you suffer from a disease that affects your cognitive and physical abilities. In an estate plan, you can put advance directives in place. This way, you will be sure that medical professionals and your loved ones know your wishes and respect them, ensuring that you only receive the treatments and interventions you want. When there’s no guesswork involved in your care, things will be easier for everyone in the picture.
5. It’s Extremely Easy To Do
Finally, long gone are the days when you needed to be wealthy and enlist the services of a professional who would cost a tidy sum to help you plan your estate. Nowadays, it’s a fast process that’s available at different price points depending on your specific needs. This makes it very accessible and removes any hurdles you may have had to jump through to get it done. Since you can get it done in a single afternoon while running other errands, it’s good to make plans for it.
These five reasons show that it’s important for you to have the intention and plan your estate in order to enjoy various benefits.