The future of your family is essential. If you leave your estate up to chance, you risk misallocating your assets in a manner that you do not see fit.
According to The New York Community Trust, dying without a will leaves the passing of your estate up to intestacy laws. Though it is possible you will be happy with the results of this, it is much safer to create a good estate plan well in advance of needing one.
When should you start?
Believe it or not, you should start working on an estate plan immediately after you start accumulating valuable assets. Even if you do not acquire considerable wealth, you should create an estate plan if you have children or other loved ones you care for. If you wait too long, your children or other family members might not get the care they need should the unthinkable happen.
Power of attorney
When you create an estate plan, you must consider power of attorney. If you do not have one, someone in your family will need to establish guardianship. This is not ideal and unfair to the people in your family. Decide who you want to manage your affairs as soon as possible. Neglecting this responsibility can put your family in an uncomfortable situation.
Estate plans do not exclusively apply to the old and sickly. Anyone with assets they want to pass on or children they must care for should create an estate plan as soon as possible. It is in your best interest to start today.
