Why Is Estate Planning so Important?
March 16, 2018
Many people in the Oswego area work hard to provide for their families and build a legacy they can pass on to them when they die. They spend so much time acquiring their wealth that they fail to take measures to protect it upon their death. According to the AARP, the percentage of individuals who have estate plans is 40.
Estate planning is something everyone can benefit from. Regardless of the number of assets or the amount of wealth they have, it is important to have estate plans in place to protect them. Some people believe they can tell their relatives what they want to happen to their estates when they die. The problem is there is no way to enforce verbal agreements in death. Estate plans are legal documents that are binding and enforceable.
A common reason why some individuals do not have estate plans is procrastination. They feel they have more time and are not ready to think about what they want to happen to their assets when they die. Estate planning is not a one-time thing. It is a set of plans, instructions and legal documents that protect the testator and their beneficiaries by ensuring the seamless transfer of assets and wealth.
Estate plans enable people to remain in control of their end-of-life needs. Serious ailments and health issues can arise and prevent people from making decisions about their medical and financial affairs. They can use estate plans to leave behind instructions for their loved ones, financial representatives and health care providers to follow.
Estate planning is a crucial aspect of asset protection that many people overlook. No one likes to think about life in the event of a disabling injury or death. It is necessary for them to do to ensure to maintain control over who inherits their assets and wealth.