Estate Planning: What Makes It Important?

old couple talking with lawyer

Estate Planning: What Makes It Important?

When estate planning comes to mind, many people think of rich uncles with properties the size of Rhode Island that they want to leave to relatives as an inheritance. But the truth is everyone needs to know more about estate planning, not just rich folks.

Even if you only own a small house, you have to know what to do with it when you finally kick the bucket. With the help of a family attorney in Denver, CO, you will be able to figure out what to do with your properties.

The best time to start planning

Most people think that the best time to sort out their properties is when they are nearing the end of their line. But according to several legal counselors, the best time is as early as possible even if there is no looming threat to your health and well-being.

Why? Because nothing is certain in life and despite our best intentions and preparations, something might come out of the corner that could wreck our best-laid plans. So in preparation for those incidents we have no way of predicting, it’s best that we sort out our properties and make sure that we know where our house goes to or where our bank accounts go to.

A will is a good place to start

Writing a will is a good head start in your estate planning, although it is important to note that a will is not enough to avoid the probate process. Even if you have written a will stating that most of your properties will go to your children or someone else, having jointly owned properties and assets can make this situation a little more complicated.

But it is still a good place to start because it will expedite the process of dividing your assets, making things easier for your loved ones.

Taking care of tough decisions

discussion between two people

Another common misconception about estate planning is that it solely focuses on dividing up assets for your loved ones when you pass away. Estate planning could also involve taking care of tough decisions in the event that you are incapable of making those decisions due to an accident or a sudden change in your health.

If you are unconscious and unable to make decisions regarding your medical care, for example, sorting this out in your estate planning will immensely help your loved ones. By stating in your will what you want to happen, your loved ones will not have to go through the burden of making those tough decisions for you.

Estate planning is for the good of all

Estate planning often has a negative connotation about it, which is why a lot of people hesitate to go through this legal process. But by learning more about estate planning, you will come to understand that it is your way of helping out the people you love the most. This way, all you will leave behind with your family and loved ones are fond memories of your time together.

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