If you're in the process of creating your estate plan, make sure you don't leave any loose ends. Many people postpone the creation of their estate plan. Unfortunately, waiting to create an estate plan can lead to devastating consequences for you and for your family. That's why it's so important that you put your affairs in order before you think it's time. Here are some important reasons why you shouldn't postpone the creation of your estate plan.
Be Prepared Before You Need It
If you're young right now, you might think that you don't have a need for an estate plan. Unfortunately, that's not the case. You never know when the end is going to come. When it does, you want to know that your family is prepared for the event. An estate plan is your way of providing for and protecting your family once you're gone. Not only that, an estate plan ensures that your end-of-life wishes are followed, should you suffer catastrophic health issues. To ensure protection for you, and for your family, start working on your estate plan right away.
Avoid Gaps in Your Estate Plan
If you've decided to postpone the creation of your estate plan, you might be setting yourself up for problems down the road. You might think that estate plans are a single-subject issue, but that's not the case. Estate plans are actually a multi-subject issue, consisting of two important categories; the relational estate plan, and the relational elder care plan.
Relational Estate Plan
The relational estate plan is the first category that needs to be addressed. This category includes all the details you'll need for the care and protection of your family. This includes the creation of trusts, the appointment of guardians, and the determination of beneficiaries.
Relational Elder Care Plan
The relational elder care plan is the second category that should be addressed in your estate plan. This category includes the details regarding your end-of-life instructions for your care. These details include the appointment of your medical power of attorney, burial plans, and the creation of your advanced directives.
Include Family in the Planning
If you haven't begun the process of creating your estate plan, you're missing the opportunity to discuss the plan with your family. You might not think that you need input from your family regarding your estate plan, but that's not the case. Early preparation of your estate plan will give you the time you need to discuss the details with your family. That way, they know what to expect once you're gone.
Have Access to Legal Help
Finally, if you plan to wait until you're older to start your estate plan, you might not get the legal assistance you need. Estate planning is something that should be discussed with an attorney, especially where the well-being of your family is concerned. By planning ahead, you give yourself the time you need to sit down and discuss your estate with an attorney.
For more information, contact an estate planning service in your area.