When you hear about estate planning, you may have thought of it as something you needed to do…one day. Perhaps for years, you have been putting off creating an estate plan because you think you have plenty of time to complete it, or you may believe that you do not need one right now or that your family will know what to do if you do not get around to creating a plan.
Though many people think that their loved ones will automatically know what to do at times of importance, that is not always the case. For instance, if you suddenly become incapacitated, your loved ones may not know who should make medical decisions on your behalf or know what treatment you may want. For this and numerous other reasons, creating an estate plan should be a priority.
Have you considered these reasons?
You may not be completely dismissive of the idea of creating an estate plan, but you may also not feel much haste about creating one. If not, you may want to consider the following reasons for creating a plan sooner rather than later:
- Distributing your assets the way you want: Without an estate plan, Indiana state laws will dictate the distribution of your assets, which may not happen in the way you wanted.
- Protecting your family assets and wealth: Your estate plan can include tools that help you protect your wealth from lawsuits and other claims.
- Planning for incapacitation: Many people over the age of 65 will need long-term care, and you can use your estate plan to detail how you want that care handled if needed.
- Minimizing taxes: You can use your plan to minimize transfer taxes that your family members could face after receiving their inheritances.
- Providing for charities: You may have one or more charitable organizations that you hold dear, and you may want to allocate some of your estate to go toward charitable giving after your passing.
In addition to these reasons, you may have personal reasons for having an estate plan that could benefit you and your family. If you feel ready to get started on your plan, you may want to go over your planning options with an experienced attorney. By gaining information on useful planning tools, you may feel more compelled to get your affairs in order.