Creating an estate plan takes time, but it is worth the effort in the end. With this plan in place, your loved ones know your wishes after you pass away.
However, many people put off the estate planning process. You may think you are too young or do not have enough assets to warrant the creation of this plan. For most people, this is not the case. Estate plans are for everyone and here you can learn a few signs that it is time to create one.
Your family has grown
If you get married, you need an estate plan to protect your new spouse if you pass away. Even if you are not married but with someone, you should create an estate plan to ensure your romantic partner can receive the assets you want them to have. If you fail to create the plan, they may be cut out of everything.
You also need an estate plan if you have children. With this, you can establish a guardian for your children and establish trusts and other resources to ensure they are cared for.
You purchased a home
Buying a house is a huge investment and commitment. It will likely be decades before your mortgage is repaid. If you plan to pass the house down to your children, this must be accounted for. Your estate plan can ensure that the proper documents are in place to make the process hassle-free.
Protecting your family with an estate plan
Creating an estate plan is the best way to protect your family and plan for a time when you will no longer be around. While it may not be fun to think about, once you have the plan, you can rest easy knowing it is taken care of. Knowing your legal rights is the best way to ensure you create a binding estate plan.