The Benefits of Starting Estate Planning Early in Life
Estate planning is a great way to provide for family or loved ones. Without estate planning, loved ones will receive less money than they could be entitled to. This will also ensure that your loved ones are looked after once you are gone. Below are some benefits to planning your estate early.
Saving Money on Expenses
If you do not have an estate plan, court systems will be placed in charge of distributing your estate, which could be very stressful and expensive for loved ones. Your loved ones may have to appear in probate court, which could cost upwards of $10,000.
This planning would include the guardianship of your children or ownership of a business. The money used on those expenses could be used to cover bills, insurance fees, funeral costs, and various living expenses.
Make Sure Your Business is Running Smoothly
If you are a small business owner, it is important to have your estate planned. Without an estate plan, your business could be dissolved, which could cause further stress on loved ones or employees.
Save Your Family From Tough Decisions
If you or your loved ones have to make tough decisions for you, an estate will make sure they are not put in a tough decision. If you are in a coma or suffer from a stroke, this may cause you to become unconscious and not able to make decisions for yourself. If this occurs, your estate will ensure that your family will not be put in a tough position to make end-of-life decisions.
Make Sure your Children are Looked After
Your children are your legacy and should have the best care available. Think about a person that you trust to take care of them and manage their funds. If you or your spouse passes away, would you want a judge to decide what happens to your kids? Lastly, When you decide who you want to look after your children, be sure to notify them and talk to them about this decision.
Get Property to your Loved Ones Quickly
In the event of an unexpected death without a will, it could take anywhere between 3 to 6 months to receive anything after death. If your estate is not planned out, your loved ones would not receive money to pay for outstanding bills or debts that may have accumulated. Planning as soon as possible is the best way to prevent unwanted stress.
We get it, life happens, and plans change. Here at RM Nelson Law, we want you to be prepared for whenever life does get in the way. When you are ready to make the first steps at planning your estate, contact us to get started.
