Why You Shouldn’t Wait to Create an Estate Plan

There are a lot of things in life that you must worry about on a day-to-day basis. From balancing your busy schedules, spending time with your family and friends, and doing the things that you care about, there isn’t a lot of time. But there are certain things that you can’t put off planning, like estate planning. You may think you have decades before needing to worry about an estate plan, but the earlier you start thinking the better. Here are three crucial reasons why you shouldn’t wait to create an estate plan.

Make Decisions When It’s Less Stressful

The first reason why you shouldn’t wait to create an estate plan is so that you can make decisions when it is less stressful. While you may have a long time before your estate plan will go into effect, if you don’t get it settled until you’re nearing the end you can find yourself under a lot of stress. How you divide your estate is a very important decision and should be made carefully, not under duress. Figuring out your plan earlier can alleviate your stress down the line when it comes time to execute your plan.

Make Things Easy for Your Loved Ones

Another reason that you shouldn’t wait to create an estate plan is to help make things easier for your loved ones when you pass. Having a solid and well thought out estate plan can make the transfer of property a much simpler process for your loved ones. Having made choices about how you want your end of life to go can avoid confusion for your family, like wondering what sort of service you want. The difference between a funeral and memorial service is that a funeral involves a casket.

Prepare For the Worst-Case Scenario

The final reason that you shouldn’t wait to create an estate plan is to prepare yourself for the worst-case scenario. While you may think you have decades left to live, you never truly know. In a worst-case scenario, it is better to be prepared. This will also save your family stress and work in that situation since you will have settled affairs beforehand.

An estate plan is an essential part of everyone’s end of life planning. But you shouldn’t put it off because you think you have time. Given these three reasons, you should get your estate plan established today.

Check out this article on life events a financial planner can help you through!

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