Have you ever said to yourself “Better late than never” when taking care of something important? Have you ever considered that “Better sooner than later” is also true? If you have not yet created an estate plan, you should know that the sooner you take care of it, the better off you, your family, your business, and your assets will be. Don’t worry if you aren’t even close to your elder years yet, either. In today’s day and age, estate planning is for everyone.
Consider these four reasons why estate planning is better done early in your life:
- Plan for the unplannable: The world is an unpredictable place, just ask a personal injury attorney. If you have come into a sizeable amount of money, are married, run a business, or have children, you have an estate, whether you realize it or not, that needs to get handed to your loved ones should something happen to you that leads to your incapacitation or unfortunate early passing. Setting up your estate plan today or tomorrow is a sound plan for the unthinkable.
- Saving your savings: As a general rule of thumb, estate planning is less expensive the sooner you begin it, for no one is rushing to meet tight deadlines or having to worry about micromanaging a huge estate that has been growing for decades. If you begin your plan early and adjust it accordingly as new life events occur, such as a divorce or the birth of your grandchildren, it can save you big in the end.
- Outside protection: There are parties other than your family and loved ones who are interested in your estate. Making a trust or power of attorney early can protect your assets from outside factors you might not have anticipated, such as creditors should you fall into debt or even inflation that would have otherwise diminished the value of your monetary estate.
- Peace of mind: You literally cannot put a price tag on peace of mind, and you cannot do it figuratively either. Knowing that everything will go as (estate) planned after you pass away can be a major relief and weight off your shoulders. You want your family to live comfortably after you can no longer be there for them, and estate planning early is a great way to guarantee that happens.