Life is unpredictable, especially when it comes to planning for tomorrow. There is no telling what the next day brings, and everyone needs to prepare themselves for it. People often overlook estate planning as something that can wait until their golden years.
Life does not wait for anyone to make the proper plans before they go. People with large estates and assets benefit the most from thorough estate planning, and yet many people still do not make the appropriate plans. Without an estate plan in place, the loved ones of the deceased will have more questions than answers on what comes next.
How estate plans can help
Despite how much an estate plan can offer, fewer people have an estate plan with each passing year. Estate plans give peace of mind for the person making them, as well as the loved ones in their lives. Just a few of these benefits include:
- Wills: these legal documents delegate how the decedent’s remaining assets are distributed among the assigned beneficiaries.
- Trusts: similar to wills, a trust dictates how assets disperse to beneficiaries. What makes trusts different is that the person making it can specify how and when the trust pays out. The payments can occur based on a beneficiary’s age or another time, regardless of whether or not the trustor has passed.
- Advanced healthcare directive: planning these can keep your loved ones from making severe life-or-death decisions. When you are not able to make a serious decision on your own, you can count on an advanced healthcare directive to specify your wishes.
Making these plans prevents anyone from having lingering questions about your intentions when you are not able to answer them.
Start planning today
No matter anyone’s age or wealth, a well-crafted estate plan can ensure that they have accounted for the future. Everyone can benefit from an estate plan, and now is the best time to make one.