4 Reasons to Begin Your Estate Plan Now
1. Unexpected Incidents Can Occur at Any Time
Many adults who have not yet reached retirement age falsely believe that estate planning does not apply to them. However, estate planning can benefit any and all legal adults. There is no guarantee that one is safe from accidents or sudden illness. Estate planning is an effective way to face this possibility head on and quell possible uncertainties in the event of one’s death or incapacitation.
2. Ensure Children, Dependents, and Pets are Secure
A common misconception is that the primary (or only) goal of estate planning is to leave behind assets to beneficiaries. In reality, estate planning documents cover a range of preparatory measures. For instance, did you know that a will allows one to state preferences for their child’s guardian? The designations stated in a will may be taken into consideration in the case that legal guardianship is contested following one’s death. Similarly, a will and trusts both allow one to make arrangements for the continued care of those who are dependent on them. Pet care designations are another element of estate planning that is often overlooked, which can be covered by a will.
3. Protect Your Digital Accounts and Assets
Have you stopped to consider what would happen to your online accounts when you are deceased? In an increasingly digital age, this is an essential element of estate planning. One should keep an accurate record of login information for any accounts secured by a username and password, such as online bank accounts, social media accounts, and email addresses. In the event of one’s death, a designated individual will be able to access these accounts for the purpose of managing online platforms and facilitating the distribution of assets held in these accounts.
4. Allow Yourself to Leave Room for Continuous Revision
Every life undergoes constant change. With that being said, these changes can have a great impact on how you would like to develop or update your estate plan. It is highly recommended to review your estate planning documents following life changes such as home ownership, childbirth, death of a loved one, marriage, and divorce. By creating an estate plan as early as possible in your adult life, you will allow your estate plan to grow and adapt to suit your needs, making it a perfect fit for your particular situation. When the time comes for your estate plan to go into effect (via death or incapacitation), your surviving loved ones will be comforted in knowing you prepared to the fullest of your ability