Creating an estate plan is essential to care for your family’s well-being. Do it now while you still can. Too often I hear, “I’m young, I have plenty of time.” Like getting life insurance, you want to have it in place when you are healthy and, well… alive.
A proper estate plan is not just for the ultra wealthy. A proper plan is also more than just a “simple” will. A full plan can save your loved ones a lot of hassle if you ever become incapacitated. Plan ahead to make sure your assets are properly taken care of if tragedy should strike.
You can also plan your own funeral. Sounds a bit morbid, but it can actually be an eye opening experience. I have had clients plan their funeral down to the type of flowers they want. I have had others that just want a nice party for their friends and family. Wouldn’t it be nice for your loved ones to know exactly what you want. When making an estate plan, it is important to look at your financial, social and family wealth. Who would you want to raise your kids? Someone with money, or someone who shares your values? Family or close friends? You have the choice if you make the plan now. If you don’t, the state will decide for you.
Lack of instruction and guidance on certain details of how you want property distributed can make even the closest families have squabbles. Simply making a plan with clear instructions can alleviate stress and arguments.
Make sure the state stays out of your family business and make a plan. Hire an Estate Planning attorney to help you plan for your family’s well-being.