Creating a will or an estate plan is something many people think of doing from time to time, but then put it off. They might not want to think about end-of-life care or they can get feel overwhelmed by the steps they feel it takes to protect their wishes and assets.
However, waiting to create an estate plan can ultimately work against you because it could leave you and your loved ones exposed to some difficult and unfortunate decisions you might not have wanted. Rather than continuing to put off estate planning, think about the following three reasons why now could be the perfect time to start planning.
- Avoiding the end-of-year chaos- During the holidays and particularly after the new year, people often think about those whom they love most and what they hope for in the future. This can certainly prompt a desire to create an estate plan, but you don't have to wait until the chaos of the holiday season or the rush of a new year to get your planning done. In fact, doing so now can help you feel protected and more relaxed in the coming months.
- Accidents happen - People often make the mistake of thinking that estate planning is something you only worry about if you are sick or elderly. Unfortunately, though, accidents happen. And in fact, unintentional injuries are the leading cause of death for people 44 and younger. Because we cannot anticipate events like deadly car accidents or poisonings, it can be crucial to start planning sooner, rather than later.
- Laws change - Tax, business, health care and family laws can and do change, especially in tumultuous political times. As such, it can be wise to take advantage of any existing planning resources or allowances and confirm your wishes in an estate plan. If you fail to do this, your estate could be subject to less favorable laws in the future.
For these and other reasons, it can be wise to protect your planning goals and intentions today.