5 reasons why estate planning should be your top priority in 2019 in Worthington, Ohio.
Though life doesn’t promise tomorrow, it does promise uncertainty. While this is a grim reality, it’s the unvarnished truth. When tragedy rears its ugly head, it’s vital to be prepared the future. Estate planning is one way to ensure that the management and disposal of a person’s estate is in order before they expire. Here are five reasons why it’s advantageous to make estate plans sooner rather than later.
Keeps Assets Out of Probate
Those who fail to craft an estate plan generally see their assets go into probate. Not only is probate expensive, but it’s a painstaking process as well. In most cases, it takes over a year to finalize these affairs. Worst of all, when information goes into probate, it becomes public knowledge. In other words, strangers can easily access public records that contain otherwise intimate data. Creating an estate plan ensures that personal information remains under lock and key.
Goes into Effect Immediately
Should the estate owner grow mentally or physically ill, the estate plan seeks to speak for the individual if they’re ailing. This means that lawyers, healthcare directives, and loved ones won’t need to duke it out if these unfavorable circumstances arise. Instead, they’ll simply need to consult the estate plan to verify that matters are unfolding accordingly.
Doesn’t Appeal Solely to The Wealthy
When it comes to estate plans, people from all walks of life and financial backgrounds are encouraged to employ this resource. Lavish homes and precious antiques aren’t the only items of value. Estate plans take every valuable into account, running the gamut from clothing to furniture. Unfortunately, underprivileged individuals feel they’re unworthy of an estate plan. This notion is patently false. Everyone deserves to have a say in where their belongings, no matter how minute, go after they perish.
Promises Peace of Mind
Above all else, those who have an estate plan find solace in knowing that their assets are being doled out according to their wishes. Having a system in place ensures that family members and loved ones are taken care of. Most importantly, it guarantees that they don’t have to wonder if their decisions are honoring the deceased.
Estate Plans Can Be Modified
Life invariably changes, and there’s no telling how these changes will impact a person’s estate plan. Fortunately, policies can be adjusted at any time. In fact, attorneys urge their clients to revisit their estate plan every three to five years. With that said, the procedure that’s initially put in place isn’t set in stone.