An estate plan might sound like something reserved for high-profile figures or generationally wealthy families, but, in reality, they are something that most people need.
The planning process can include writing a will, designating a power of attorney and signing a healthcare proxy.
The need is universal
Not every plan is the same and they are highly specific to your lifestyle and needs. If you are still unsure about whether you would benefit from estate planning, consider this brief list of questions. Do you:
- have any assets?
- have children or dependents?
- have a spouse or close family members?
- own a business, large or small?
- want someone you trust to make decisions for you if you are unable?
If you answered yes to any of these questions, chances are high that you need one. There are numerous scenarios in which an estate plan could lessen hardships, and these questions only represent a small number of basic examples.
Age is irrelevant
If you are planning on starting the process close to retirement or maybe once you reach some other undetermined milestone in your life, it is probably a good idea to reevaluate this plan. Life is unpredictable and while we might like to imagine living happily until old age, it is not a guarantee. Because of this uncertainty, starting early is a good idea, especially since you can make amendments at later dates.
Do not leave important things like this to chance. Planning ahead can prevent stressful and costly situations down the road.