Top Reasons to Begin Planning Your Estate Now
Why Estate Planning Can Improve Your Quality of Life
All of us are aging every day: Though we may feel too young to begin estate planning, the reality is that there is no “right age” to detail our final wishes. You can take control and begin planning your estate now—instead of waiting until an emergency arises and you or your family must scramble to provide a roadmap for your care. You may not need everything detailed in your plan, but having your wishes on paper will reduce your stress and reduce the burden on your family later on.
Here are some of the most compelling reasons to work on your estate planning now:
- Make sure your final wishes for possessions and property are written down.
You may have ideas about gifts for family members or contributions to charity organizations, but without writing them down, others will not know those wishes. Take the time to write down any specific desires regarding your home, bank accounts, sentimental or valuable possessions (jewelry, etc.) and any financial assets like stocks and bonds.
- Protect your children and grandchildren.
While estate planning, you can select beneficiaries and detail their rights to your estate. If any of your dependents are under the age of 18, you can also determine the legal guardian for those children, how they will be financially provided for, and any other details. This can relieve you of any stress or worries you have about what would happen to your family should you pass away.
- Limit your family’s stress later on.
If you leave no plan for your family, you will pass on the stress of making your end–of–life decisions. Writing down your wishes now will help your family later on—they won’t need to try to determine or take a guess at your wishes because they will be detailed, documented, and easily understood.
If you are ready to begin estate planning, McGregor PACE can help connect you to elder care attorneys in Cuyahoga County. We encourage you to take the first steps now so that you can be free to enjoy your life with less worries about the future.
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