Estate planning is something that’s going to be needed by everyone eventually. Most people understand this, which is why the majority of people say that it’s important to have an estate plan.
However, studies have also found that the majority of people do not have an estate plan at all. One of the most common excuses that they’ll give if you ask them why they don’t have a plan that they know they need, is simply that they’re going to do it later. But is this a good idea?
It’s better to make your plan early and update it
Putting off estate planning is a risk. What if you pass away unexpectedly, and you haven’t made key decisions? What if your family doesn’t know what you wanted and so it results in a lot of disputes over your assets? You can’t predict exactly how long you have left, so waiting to do your estate planning later means constantly running the risk of simply not making that plan in time.
It is understandable that you think the estate plan is more important later, as you will likely have more assets at a later date. But that doesn’t mean you need to wait to make the plan. You can make it early and then just update it as often as necessary so it reflects your changing situation. This way, there is no risk for your family and you know that you always have some type of plan in place.
What should you do next?
If you do want to start making an estate plan, you may be considering using a will, various trusts, powers of attorney and much more. Be sure you know what options you have and how to put them in place.