Many Americans who have a possession of something do not think, or even, consider, estate planning. Primarily it is because most people see this legal procedure a retirement thing, which is disastrous. Why? If you fail to arrange how your hard-earned assets would be distributed after death or incapacitation, you might not have a say to it at all.
Sure, a will can set your personal instructions in place. Unlike a living trust, however, your heirs may have to count years before actually receiving what you have left them because of the probate process.
You Don’t Have to Make Your First Million
It does not matter how green your bank account is; your net worth is irrelevant. Believing this process is only for the rich and famous is a huge fallacy. Even if many are attracted to it to avoid paying estate tax, it is a means for proper wealth disposal. As long as you own something valuable and want to hand them over to someone in particular, estate planning is the right route to go.
You Do not Want to Leave It to the State
Miller & Steiert, P.C. noted, “Proper estate planning ensures that a client’s wishes are carried out during life and at death. The goal is to ensure the assets pass to whom the client wants, when the client wants, and under the circumstances the client wants, in a tax-efficient manner.” In fact, many firm that offer long-term financial planning explain that it is not always a good idea to let the state take over and allocate your wealth when the time comes. Even if several states, such as Arizona and Colorado, have adopted the Uniform Probate Code to simplify the process, your family may be dealt a bad hand in the end.
You Do not Know until When You Can Do It
Take a step back and be realistic for a moment: nobody, even you, knows when your time is up. Asset distribution is a serious matter, which you must take care as long as you are completely able. If you leave it to chance, you are basically leaving a world of uncertainties to your loved ones.
There is absolutely no reason to shy away from seeking advice about estate planning. You have the opportunity to make an estate plan now, take it.