Many people put off estate planning, and they do it for a variety of reasons. Some find the process to be too complicated and confusing. Others just think that they’re too busy to do it. Still others don’t like having conversations about their own death, so they don’t want to begin working on their estate plan.
However, procrastinating estate planning can be risky. Here are three reasons why you shouldn’t do it.
Young people need it, too
First of all, some people will put it off because they just don’t think they’re old enough. But even young people can make plans for future medical decisions, the transfer of assets or a funeral. Many young parents do estate planning because a child was just born and they want to pick a guardian and set up a trust.
You can’t predict the future
One of the main reasons that people do put off estate planning is because they think they can do it later. This certainly may be true, but it’s impossible to predict. Unfortunately, people die unexpectedly every day in car accidents and in many other ways. You can give yourself some peace of mind by putting a plan in place just in case something happens.
You can always make updates
Finally, don’t assume that your estate plan has to stand just the way that you make it today. Maybe you will acquire some more assets. Maybe you will get married or have children. Life frequently changes, and that’s when you can just update the plan that you have. You don’t need to wait until you’re near the end of your life to make that plan initially.
Do you think it’s time for you to get an estate plan in place? Take the time to look into all of your legal options.