A common misconception about estate planning is that you must accumulate a lot of assets or reach a certain age to begin. Contrarily, it is wise to begin planning as soon as you can.
Understanding the benefits of an estate plan might give you the push to start. Proactive effort can make a considerable difference in the lives of the people you care most about even after your death.
Focus on accomplishing goals
Imagine experiencing a sudden, unexpected situation that jeopardizes your independence and life expectancy. You might feel panicked about the number of unknowns you now face. An estate plan can reduce a lot of this uncertainty in such situations and provide comfort and guidance for you and your loved ones.
Starting your estate plan can improve your peace of mind and give you more time to focus on accomplishing your goals. With less to worry about regarding the unknowns of your future, you can continue working toward accomplishments that will only improve the plan you already have in place.
Prevent costly financial repercussions
One aspect that comes as a surprise to many people after a loved one dies is the costs associated with closing an estate. According to U.S. News, probate costs can balloon to astronomical figures, absorbing 5-10% of the value of your estate and even up to 20% in some cases. You can vastly reduce the costs of closing your estate with a plan in place. For example, having a written plan that discloses the distribution of your assets could save your family thousands of dollars in probate.
If you desire to take the best care of the people you love even after your death, establishing an estate plan now is the answer. Additionally, your strategy can add value, purpose and direction to your life.