Despite the importance of creating an estate plan, there are many people who wonder if it’s really necessary. If that sounds familiar, now’s the time to learn more about estate planning and what it can do for you.
To start, it’s important to note that there’s no legal obligation to create an estate plan. In other words, you don’t have to take on this task. Of course, the risk of doing so is that you don’t have a plan in place for when you pass away or if you’re incapacitated.
Here are some of the best reasons to create an estate plan:
- Peace of mind: With an estate plan in place, both you and your loved ones will have peace of mind regarding the future. This can remove a lot of stress from your day to day life.
- You’re in charge: Without an estate plan, you’re giving away power to other people. For example, if you die without a will, the court will make the final decision — based on state laws — as to where your assets end up. But with a comprehensive estate plan, you’re in full control.
- It’s good for more than passing on assets: You can do a lot more with an estate plan, such as naming a guardian for minor children and creating powers of attorney.
Once you reach the age of 18, you should begin to consider the benefits of estate planning. From there, as you earn more money and consider marriage and starting a family, estate planning becomes even more important.
If you’re on the fence as to whether or not estate planning is right for you, it’s time to take action. Contact our law firm at 520.529.4000 to schedule a consultation with one of our experienced estate planning attorney. We’ll help you decide what to do next.