There is no time like the moment, and in the world of estate planning, that is particularly so. Although living a long and safe life is preferred, it is always best to prepare in advance and ensure that your desires are carried out as you desire. In the event that you become mentally ill, preparation now is also necessary. When you become sick, a health care surrogate will be named by the estate plan to help with social care decisions and to satisfy your end-of-life wishes. In order to render an anatomical gift, you may also set out your wishes for the appointment of a pre-needed guardian. In respect to your final fate, such as cremation or funeral, you should even outline your wishes. You may find more information at Oren Ross & Associates
Children and mixed households are another reason why developing the estate plan now is important. Intestacy laws in your state decide what happens to your properties without a schedule. In addition, the court will decide what happens to the young children and how their money will be allocated because you have no proposal. It is often easier to individually pick those people who are responsible for taking care of your young children and handling their money. It is important to consider a special needs trust if you have a child with special needs. Be sure to consult with a knowledgeable estate planning lawyer so that they can help you make informed choices and answer the questions you didn’t even know you wanted to ask.
Another justification for doing the preparation now is exercising power over the allocation of your money. You could accidentally disinherit a partner or baby without a scheme in place. In the case of a remarriage, preparation will also shield your remaining partner or protect your kids in the event of a divorce or disastrous financial occurrence. Proper estate planning should take these issues into account and have a solution. Don’t find out too late that future concerns may have been resolved with careful preparation.