Planning for the future is something that most of us know is very important, but very few of us actually get around to. There always seems to be something more urgent that takes our attention. But just like we should all really be thinking about our retirement plans before we hit 30 (and with pensions the way they are, you really should look into that), we should all be thinking about making sure that we have a clear plan for our estate in place before we pass away. If this seems like planning too far ahead, here are just a few things that you need to think about.
Planning Your Estate Now Can Save Your Family Money
You may have already been through the process of trying to sort through the estate of a loved one who did not leave behind a clear will. This can be a time-consuming process and an emotional one (more on that later), but it is also important to remember that it can be a very expensive one too. In many states there are very high death taxes (some could take up to 40% of your estate if you do not take proper measures), and your family will have to hire another attorney to sort through everything that has been left without being clearly arranged. If you take on the responsibility now, they will not have to when the time comes as your estate planning attorney can help with probate.
Planning Estate Gives You Control
As much as it may seem a little overwhelming to think about what you would like to happen to your estate after you pass away, it is an incredibly positive thing to do. You can make sure that your money, your assets, and your property goes to where you want it to go. You can make sure that your family is provided for after you pass away, and you can spare them the emotional pain and confusion that comes with the difficult process of sorting through an estate without a will in place. If you are looking for an estate planning attorney in Orlando, talk to the team at Paula Montoya Law. They have experience in helping people to plan their estate both locally and internationally, and they can help you with everything from advanced directives to setting up a trust.
Planning Your Estate Is Vital In Case Of Medical Issues
No one wants to think about the kind of medical issues that could make having a clearly laid out estate absolutely essential, but they are more common than you might think. If you suffer a debilitating accident, or if you lose cognitive thinking ability due to an illness like dementia, it is so important that your family has clear instructions for what you want to do. Do you have a power of attorney in place already? If not, this is really something that you should think about. A living will is vital in case you are in a vegetative or end-stage condition to ensure that your wishes are followed.
Veeramachineni Lalitha
I am Finance Content Writer. I write Personal Finance, banking, investment, and insurance related content for top clients including Kotak Mahindra Bank, Edelweiss, ICICI BANK and IDFC FIRST Bank. My experience details : Linkedin