When you’re first looking into planning for your future, one of the things you may want to get more information on is estate planning. When you begin to gather assets, start a family and grow older, having an estate plan in place is a good way to protect everything you’ve done in your life.
Having an estate plan helps keep your assets and family safe. An estate plan contains basic legal documents that help manage your end-of-life wishes as well as your property. If you don’t yet have an estate plan, it’s a wise decision to start making yours now.
Estate planning 101: Understanding the reason for estate plans
Estate plans are there to make sure your wishes are known when you can no longer speak for yourself. They may contain your will, medical care directive and other important legal documents that your loved ones need.
Starting to develop an estate plan early is wise since it’s easy to update it from year to year and after major life events. You’ll have the ability to appoint guardianship in the case of your children needing caretakers and to appoint someone to handle your end-of-life wishes.
What happens if there is no estate plan?
When there is no estate plan, things can go very wrong. You’ll have no input in your medical care, where your property goes or how it’s divided or about your final arrangements before and after death. It’s wise to discuss what you’d like to see happen with your attorney, so you can draw up a will and other important documents soon.