Have you begun to think about drafting an estate plan?
If you’re young and healthy, you might not have given the process much thought. You might even need a refresher on the core components of an estate plan.
That’s fine. You’re not expected to be an estate planning expert.
You should devote serious thought to drafting an estate plan, however, and begin the process sooner rather than later — particularly, it must be said, if you’re of the opinion that no ill could possibly befall your family.
If you haven’t already, consider these five arguments in favor of drafting an estate plan with all deliberate haste.
1. Addressing Uncertainty in the Event of Incapacity:
A comprehensive estate plan not only addresses the disposition of one’s assets after death but the complicated and difficult decisions that must often be taken while he or she remains alive. Your estate plan’s living will and power of attorney ensure that your wishes will be honored and executed in the event of your incapacity and that your life will not be prolonged or truncated due to unnecessary or omitted medical interventions.
2. Allowing for the Execution of Your Final Wishes:
Your estate plan also allows for the execution of your final wishes, and the disposition of assets to your heirs and beneficiaries following your death. It’s here that the benefits of a carefully customized estate plan — created in close consultation with experienced trust services providers like Singapore-based Asiaciti Trust — become apparent. For grantors with complex estates, a pro forma will may be insufficient.
3. Providing Continuity and Peace of Mind for Your Heirs:
A comprehensive estate plan provides peace of mind and continuity for your surviving relatives and heirs. By clearly spelling out your wishes and allowing for the orderly disposition of your estate, you remove a major source of worry and allow the grieving process to proceed unimpeded.
4. Avoiding Probate:
A well-crafted estate plan allows your estate to avoid probate, which legal advice clearinghouse Nolo notes has substantial benefits for grantors and heirs alike. Keeping your estate out of probate saves time, money, and complexity — again, allowing your heirs to focus on tending to their own affairs, not settling yours.
5. Protecting and Caring for Minor Beneficiaries:
Should you pass on before your heirs reach the age of majority, a comprehensive estate plan provides for their care and maintenance without unduly burdening your adult survivors. Should any of your beneficiaries need such care or support into adulthood, your estate plan provides for that as well.
Make Your Estate Plan Today:
The timescales contemplated in an estate plan are difficult to countenance. If you’re relatively young and healthy or at least feel young and healthy, it’s understandable that you’d wonder just why you must divert your scant attention and resources to a plan you expect not to need for many years. Why plan today when you can plan tomorrow or the next day?
In all likelihood, your supposition is correct: even if created tomorrow, your estate plan will likely lie in repose for some time. All the same, the unexpected can — and often does — happen. A comprehensive estate plan is the best way to prepare for an unfortunate future that demands an orderly means for the disposition of your assets. While there’s no call for concern, there’s no compelling reason for the delay, either.
