When people think of estate plans, they often think it is created solely for the purpose of dividing up assets upon death. However, an estate plan is much more than that.
3 things that most people don’t know about estate planning are:
- You don’t need a lot of assets to have an estate plan: There’s a common misconception that says you need to be wealthy in order to have an estate plan. However, you can create an estate plan if you have little or no property as well. An estate plan is important because you get to designate who receives your property. Without one, you forfeit any say to your property’s distribution.
- You don’t need to wait until later in life to create an estate plan: For some people, it’s difficult to face the fact that humans do not live forever. While there is an increased need for an estate plan when you are ill or elderly, the creation of your estate plan doesn’t need to wait that long. In fact, most of my clients are couples with young children and they want to be able to direct who will take care of those children if the unthinkable happens. Accidents happen all the time and if you end up passing away suddenly, it is important to have an estate plan in place.
- You can update your estate plan at any time: The thought of an estate plan can be really intimidating. You might just want to make it and then push it to the back of your mind. However, estate plans always need updating, especially after reaching life milestones. Just because you have something in your estate plan at one point doesn’t mean it can’t be changed later.
Creating an estate plan isn’t something that should intimidate people. It’s something that is beneficial to you and all of your loved ones. It can also relieve some of the stress they are under upon your death. If you would like to get started creating an estate plan, contact Thornton Law Firm today.
