To some, estate planning sounds like something people do only when they are of old age or have vast assets. However, the reality is that for it is never too soon to plan for the future. Nowadays, many middle-class families need to plan for when something happens to the main breadwinner (or breadwinners) of the household.
The following are 5 reasons why you should get started planning your estate today:
- Estate plans protect beneficiaries (including yourself) and young children;
- Estate plans eliminate (or minimize) family drama;
- Estate plans spare beneficiaries extra taxes;
- Estate plans allow the creators of the estate plan to maintain their autonomy and decision making power for as long as possible; and
- Estate plans can help avoid the cost and time of a court probate.