People tend to dismiss the idea of creating an estate plan if they don't have complex assets or divisive family relationships. Often, they assume that the state laws will suffice when it comes to determining what should happen to their property, debts and other end-of-life matters.
Discussing estate plans or end-of-life wishes can be uncomfortable for a lot of people. But there are unfortunate consequences of not having these conversations with loved ones, so it is wise to talk about estate planning with them - especially your adult children.
If you have a will and other estate planning documents in place, you have taken a major step toward protecting your wishes, your assets and your loved ones in the event that you get sick or pass away. Having these documents in place can be incredibly valuable when it comes to making some difficult decisions.
Estate planning can be an easy thing to put off. People get distracted or uncomfortable; they think they don't need to worry about things like wills until they are much older or battling a serious illness.
People often think of estate plans as documents to protect a person's assets. And while it is certainly true that an estate plan typically does address numerous financial details of a person's estate, there are other elements to these plans that are even more important than the distribution of assets.
Creating an estate plan is something that people often put off. End-of-life planning makes some people uncomfortable. Others get busy and do not make time for it. However, waiting to create an estate plan could be a mistake.
One of the most common misconceptions about estate planning is that it only involves wills and trusts. However, an estate plan can include numerous documents that protect more than just our assets. For instance, many people have a power of attorney for health care as part of their estate plan.
After someone passes away, it is necessary to resolve matters related to his or her estate. These matters could be financial, legal, personal or logistical. And the person responsible for addressing these details is typically the personal representative named in the decedent's will.
Estate planning is something that many people assume they should wait to do until they are retiring. However, any adult can create an estate plan at any time. As long as someone has values, assets or people they wish to protect with an estate plan, they can start planning.