Last Updated on February 21, 2021 by James Gentile
These days, everyone is busier than ever, making it easy to forget about planning for the future. But one thing that really shouldn’t be ignored is the need to handle your estate planning affairs. You may assume that you have a lot of time to handle this later on down the road, but it’s always better to think ahead in case of an emergency. With a proper estate plan, you can protect yourself and your loved ones. Today we’ll share with you five reasons you need to begin your estate planning now, not later:
You Need to Protect Your Children
Your children rely on you for everyday love and care. If there ever comes a time when you’re no longer able to be there for their care, you want to have the right legal documents in place so that they’re well taken care of. With a will, you can designate a trusted helper or legal guardian to take care of their needs them. This is essential if you have minor children.
You can also utilize estate planning services to set up a trust, which can be used to leave behind assets for your children’s continued life needs.
You Need to Protect Finances During an Emergency
Another reason you need to handle your estate planning now rather than later is to protect your finances in the event of an emergency. An attorney can draft up a financial power of attorney. This lets you choose an appointed person to handle your financial affairs if you’re ever unable to make them for yourself. They can do things like deposit checks, withdraw money and pay your bills for you.
You want to protect your money and make sure your finances are in order, even when you’re unable to handle everyday tasks alone. Your estate planning attorney can help you with this need now.
You Need to Protect Your Healthcare Needs During an Emergency
Protecting your healthcare needs is also recommended. If you’re unable to make your own choices during a medical emergency, you want to have a trusted loved one by your side. With a healthcare power of attorney, you can appoint someone to communicate with medical professionals, your health insurance company and to help make important health decisions on your behalf,
You can also create a living will to legally make a statement for your personal healthcare wishes regarding medical procedures and the course of treatment. This can be used to outline your wishes in the event of an irreversible coma, for example.
You Want a Choice in Who Gets Your Assets
If you never take the time to handle your estate planning, you won’t control how your assets are distributed after your death. Did you know that your state’s laws can determine how this is handled? Instead, meet with an attorney so that you can make this important choice yourself.
You Don’t Want to Rush Through Important Decisions
It’s never a good idea to put off important planning that requires careful thinking. You want to think through your options with help from an estate planning attorney. If you’re feeling nervous about making these choices, your attorney will make you feel more at ease and will carefully explain the documents and tools that will work best for your own needs. Starting your planning early in life gives you a lot of time to work through these choices and create a great plan.
As you can see, it’s essential to start your planning NOW!
With needs like bankruptcy services and estate planning, it’s always best to work with an expert. If you’re ready to begin planning, hire an estate planning attorney to ensure that all of your needs are met. We can help you get started now!