Estate planning should be a goal of every person regardless of age or location. While it’s often discussed as something the elderly do, the reality is that planning for your eventual death or impairment is important to your future.
Estate planning is important for a number of reasons including preventing assets from going to unintended beneficiaries, protecting your children and preventing family feuds. Here’s a little more on each of these reasons.
1. Avoiding unintentional beneficiary payouts
An estate plan helps you dictate who should receive what. You can have trusts set up, and with an updated will to top it off, your plan will make sure your assets go to who they’re intended for.
2. Protecting your children
When you have young children, you need to have an estate plan with guardianship guidelines. If you don’t have any guidelines in place or appointed guardians on hand, then the children may end up with whatever family member the court deems appropriate. This may not be the person you’d like your child to grow up with, so that’s something to add to your estate plan quickly. In the event that no family member would take your child in, this would also prevent your child from entering into foster care and the adoption system.
3. Preventing family feuds
Finally, your estate plan can help prevent family feuds just by determining where your assets will go. When your wishes are known, people won’t have a right to fight over your assets. In the end, it should be up to you to decide who receives your property.
Estate planning may seem premature if you’re fairly young, but keep in mind that no one knows when it will be needed. A good estate plan can easily be updated as you age.