It may be very difficult for you to think about the need to plan for your incapacity or end of life. However, in both matters of your healthcare and assets, it is best for you to provide direction in advance. Doing so can help you avoid probate, save money on taxes and prevent your loved ones from having to make decisions based on what they think you would have wanted. But if you are young and healthy, do you really need to be concerned about estate planning?
End-of-life concerns are not just for those at an advanced age. Neither are they only for people who struggle with health concerns. Perhaps the most unfortunate part of estate planning is that it may be only way to control the inevitable. It provides a way you can communicate your wishes in case something happens to you, while many other things remain outside your control.
Why you should plan now
Regardless of the amount of money you have, estate planning can be beneficial. There is always the option of reviewing and reassessing your plan as your circumstances change. However, if you do not know why you should start now, there are some things you should consider:
- There are no guarantees. You never know when something might happen to you. Unfortunately, it is possible that you could face a serious, unexpected health concern or pass away in an accident. Planning can help you communicate how you want your medical needs to be met, determine who you leave your assets to and protect your loved ones from struggling to agree on what they believe you would have chosen.
- Protect your children. If you have minor children, choosing guardians for them is vital. Rather than leaving these decisions to the court, you can specify someone who is in agreement with raising your children in the event that you are no longer capable, or after you have passed.
- Make choices for yourself. You may feel as though you do not have much to leave to anyone. However, estate planning helps you determine whether you want to designate your assets to your family members or donate money to a specific charity of your choice.
Although you may not be able to direct many aspects of your life, estate planning can help give you a say in how things are handled once you are gone. In some cases, older people might have more financial concerns related to their estate. However, even if you do not feel as though you have much money, your desires for your children may provide more than enough reason for you to plan ahead.