What comes to your mind when you hear the term estate planning? Does it make you think about old age and terminal diseases? Well, then it is time for you to reconsider these thoughts. More than a third of all the people worldwide delay estate planning and think of it as something to be done when they are on their deathbed. But this is totally a wrong notion, and this may leave your family and loved ones in trouble when you are no longer there to take care of them.
Some people consider estate planning as something that is done by people who own several businesses or who have a large number of properties to their name. But, this, too, is wrong. Estate planning is just as important for anyone, irrespective of how much property they own, as it is an important aspect of long-term financial management.
If you haven’t done your planning yet, here are some convincing reasons that will tell you why you must get your estate plans ready as soon as possible:
Exercise Total Control Over Your Property
Irrespective of how small or large your property may be, you have worked very hard to make it. So why should you let it fall into the wrong hands? In the absence of a proper estate plan, the property often becomes a matter of bitter feud between family members and relations who feel that they claim it. With proper estate management, you can decide who inherits your property and what proportion so that there are no chances of it passing to people who do not deserve it. You can also add the name of your favorite charities and organizations to this list of beneficiaries.
Plan For Future Costs
The future is unexpected, and so are the costs that you may have to incur in the future. For instance, if a person suffers from some physical or mental illness that incapacitates them to control their finances, the estate plan can take care of it. You may give a power of attorney to a trusted individual and mention there how your medical costs are to be covered.
Support For Your Children
If you have a minor who is dependent on you, a proper plan through an estate planning lawyer becomes especially important. In the unforeseen event of you being unable to take care of the child, you can appoint a reliable person as their guardian. You can also put in provisions to see that your child is provided financially through the revenue generated by your property. Your lawyer can also act as a custodian of your property and pass it on to your children after attaining legal age.
Apart from this, having an estate plan saves your family from the harassment of having to visit the court again and again to prove their hereditary right. Further, the portability cost of properties is quite high in the absence of an estate plan. So why risk all these hassles? Do your estate planning today when you are physically sound and in the right mind and avoid tomorrow’s grievances.