The Importance of Wills and Estate Planning

It’s not the easiest reality to consider, but all of us will eventually face death.  When it comes to preparing for our inevitable end, many of us have already considered what will happen to our money, possessions, and remaining family when the time comes.  Uncomfortable as it is, the importance of wills and estate planning should not be underestimated – it’s never too early to start preparing our wills.  In fact, when we are young, healthy, and cognitively capable is the best time to begin the process of drafting a will and estate planning.

Benefits

There are benefits to you that you may not necessarily think about.  For example, the peace of mind knowing your family is cared for is one of the main reasons people report feeling satisfied after completing their wills and estate planning.  Moreover, the process can help folks make realistic plans for the foreseeable future and even to budget for retirement.  Finally, and likely most importantly, without appropriate estate planning, it is very possible that you leave a legal nightmare for your family which is obviously never ideal.

Wills and estate planning help you to ensure that your beneficiaries are protected and your assets are distributed according to your wishes.  During the process of developing a will and estate planning, you can begin to make funeral plans which will also alleviate the burden of your death on your loved ones.  Likewise, this advance planning will also guarantee that your unique wishes are respected in the event of your death.

When to Plan

Young couples may be thinking that they don’t need to worry about a will or estate planning, but this couldn’t be farther from the truth.  Particularly if you have children, you can choose guardians for your children and identify your estate executor.  Ultimately, estate planning gives you control over how your assets are shared, how your family is cared for, and that your wishes are respected even when you have moved on from this world.

Do I Need a Will?

Even if you don’t feel that you have an estate, don’t be fooled.  Any assets from a car or a home to a business or an insurance policy and investments are all considered part of your estate.  You may even contribute to a pension through your employment – estate planning and making a will helps you to manage these assets so your family doesn’t need to.  There are a lot of options for how to manage your estate including arranging trusts for minor children, distributing assets to family members or even charitable organizations, and as mentioned making funeral arrangements – and these are just a few examples of estate planning.  Working with a qualified legal professional can help you make all the necessary arrangements for peace of mind for you and your family.

DISCLAIMER: The content of this article, and this website generally, is not intended as legal advice and cannot be relied upon as legal advice.  To provide legal advice on your problem, a lawyer must first understand your specific situation.

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