Here at the office of Robert G. Spaugh, Attorney at Law, we understand that no one enjoys contemplating their own mortality, but we also know that it is necessary to think about these things in order to plan for that eventuality. In our experience, many people do not even start thinking about estate planning until they are past retirement age, but there is no reason not to start making these plans even earlier–and a number of benefits to starting young. In this article, we’ll go over a few reasons why we believe you are never too young to start the estate planning process.
- You’ll Protect Your Kids- If you are a parent, you should definitely not wait any longer to begin the estate planning process. While every parent of course wants to see their children grow up, the unfortunate truth is that there are no guarantees. If you want to ensure that your kids get the best of care in the event that you pass away while they are still underage, you should talk to an attorney and start planning your estate as soon as possible.
- You’ll Reduce the Financial Burden on Your Loved Ones- Another reason to start estate planning sooner rather than later is because it will allow you to reduce the tax burden associated with your assets. When you pass down your assets to your loved ones, those assets will be subject to state and federal taxes–if you want to ensure that your beneficiaries get to keep as much of their inheritance as possible, we encourage you to give us a call.
- You’ll Control Who Gets What- A third reason to start estate planning early is to have greater control over how your assets are distributed after your passing. Without an estate plan, your assets will be left to the mercy of the courts to distribute as they see fit, so if you have people whom you definitely want to include or exclude from this inheritance, you should start making a plan.