Important reasons for everyone to have an estate plan in place

Estate planning might be something that a person thinks is too far ahead to start thinking about as they put it off for another day. It is surprising how quickly time passes, which can often be given a sombre reminder when friends begin to pass. Anyone, no matter what age, can be taken suddenly through unforeseen circumstances which leaves loved ones mourning as well as the emotional and legal issues that can then take a long time to unravel.

Life’s road rarely runs smoothly forever, with many trials and tribulations to navigate along the way. Being responsible is imperative if not to leave a tangled mess behind which can lead to whole families being embroiled in disputes which separate them forever. That is why it is essential to contact estate planners at the earliest opportunity and put a legal plan in place for the following reasons.

Those who pass without a plan in place cause a mountain of issues. Dying intestate leaves the authorities to decide how to distribute assets according to the law. These can often be against the wishes of the deceased who failed to look after the welfare of their loved ones and sees them facing financial hardship and an awful lot of stress at a time when they face enough emotional heartache. Seeing individuals who were not intended to receive assets walk away with them will only add to the turmoil, which can easily be avoided, and some of which might have involved child wellbeing after separation.

Being able to name people and exactly what each will receive not only provides them with peace of mind, but also the person who works with the estate planners can enjoy the rest of their lives knowing that they have done the right thing, and it is out of the way. That said, if personal circumstances change dramatically in terms of relationships, it is important to amend the plans. It may also include appointing an executor who may be one of the professional team at the planning company so that it is guaranteed that everything is distributed correctly and all the legalities are taken care of correctly which will include the preparation of a valid will.

There is more to the plans than simple financial and asset distribution. Those who may leave young children behind can nominate a legal guardian to care for them. Children left orphaned will otherwise be in the hands of the court who appoint a guardian which might not be someone who the deceased would have wanted. Dealing with tax can be a complicated business even when alive, so once departed it is comforting to know that the advanced estate planning will take care of things. Ensuring that any family disputes that may occur will be kept to a minimum with no lack of clarity provided.

While thinking about one’s mortality is no laughing matter, it is important to have estate planning in place so that assets affecting those left behind are sorted as amicably as possible.