Estate planning is often associated with old age. However, it’s never too early to have an estate plan. Given the unpredictability of life, you are better off with a proper arrangement of how your affairs should be handled if you become incapacitated or no longer around.
An estate plan goes beyond having a will. You also need to handle things like appointing the person who will act on your behalf or make certain decisions for you if you are physically or mentally incapable.
Besides the peace of mind of knowing that your loved one will benefit from your assets according to your wishes, creating an estate plan also helps avoid confusion and a possible fallout over property disputes among your family
Where should you start?
An excellent place to start is learning more about how various estate planning tools work. Understanding power of attorney, health care directives and the options available in passing down the estate to your heirs will help you make informed decisions.
Depending on your choices, there are several ways of formulating your estate plan. You also want to be sure that you keep your estate plan up-to-date. You do not want an estate plan with loose ends from the past such as a dead beneficiary or a will that includes property you sold off. Make a point of updating your estate plan after every significant life event, such as birth, death or divorce.
Don’t put off setting up an estate plan
A lot goes on in estate planning, and it can seem an inconvenient or unnecessary task, especially when you are young. However, it is important to ensure you achieve your objectives and secure your family’s interests now before it is too late.