Thinking of what will happen at the end of your life and after can be difficult and emotional. Whether due to a desire to avoid addressing such complex topics, a misunderstanding on who estate planning can benefit or sheer procrastination, many put off planning their estate until something forces them to do so.
Proactively planning your estate can benefit both you and your loved ones. Rather than gambling with the future and leaving creating a comprehensive estate plan for another day, an estate plan can provide you with peace of mind in knowing that your future and family are protected against the unknown.
Here are several reasons why you should get started on your estate plan sooner rather than later:
- Plan for future incapacity. There may come a day when you are unable to make your own key financial or health care decisions. Rather than leaving your family to make these decisions, you can document your wishes ahead of time.
- Guard against disappointment or disputes. In the absence of a comprehensive estate plan, your family members may be disgruntled with the distribution of property and assets.
- Document your own wishes for your property and assets. Without a will in place, the state of Colorado will decide on the fate of your property. Document your wishes to provide a more thoughtful distribution of your possessions.
- Avoid family conflicts. Whether you have a blended family or members of your family do not get along, thoughtfully addressing this in your estate plan can help to avoid the potential for disputes rooted in contentious family issues.
- Plan for your young children. If you have minor children, you can designate a guardian for them in your will. Choosing this ahead of time can prevent a court from appointing someone who may not have their best interests in mind.
- Leave as much as possible for your loved ones. Thoughtfully and carefully planning your estate can ensure that you leave as much as possible to your loved ones, rather than leaving them with substantial taxes, probate costs and more.
Depending on your finances, health, family or more, you may have more reasons why planning your estate sooner rather than later could be beneficial. Prepare for both your future and the future of your loved ones by committing to creating a comprehensive estate plan.