There will always be an excuse not to sit down and make your first estate plan. Many people keep on putting it off for years. A 2024 survey by Caring.com found that only 32% of American adults have made theirs.
While you hopefully will not need to call on your estate plan for years to come, it is best to get one in place as soon as possible, just in case you do. Here are some of the reasons why:
Preparing for death:
Will you die tomorrow? Or in another sixty years? There is no way of knowing. Yet, you can only make your estate plan when you are alive. Having it made can bring peace of mind to you and your family.
Preparing for ill health:
Estate plans are also useful in the event of ill health. A properly draft estate plan allows you to appoint someone to talk to doctors on your behalf if you are not able to do so yourself. They allow you to give someone the legal power to sign tax returns, pay utilities, and complete other financial transactions if you are unable to do so. This provides peace of mind that bills can be addressed even if you are in the hospital with a serious condition.
Saving you money:
Careful financial planning now can potentially create opportunities for tax savings when you die.
If you are ready to get started, seek legal guidance to walk you through the process. You may find it much simpler than you thought.
