The Importance of Estate Planning for Every Age
Estate planning has a reputation of only being for the rich, old, or dying. However, Estate planning allows you to secure your finances and brings with it peace of mind, responsibility, and safety for the future. Unexpected circumstances are a part of life, and though there is much of it we can’t control, there is much we can, which is where Estate Planning comes in. Estate planning encompasses a variety of financial and non-financial plans, such as living wills, health care proxies, power of attorney, and advance health care directives.
As indicated by the American Bar association, more than 55% of Americans die without a will or estate plan, demonstrating the importance of such wills and other plans for every age group. Deaths can be unexpected, but estate planning eliminates other uncertainties and surprises surrounding them. Another added benefit to estate planning besides the stability it allows for your loved ones, is the possibility of minimizing potential tax burdens, according to Russo, Russo, & Slania, P.C. Having a licensed attorney look over your finances is beneficial to such finances, regardless of specific after death plans, and will likely save you more money in the long run, often justifying the expense of a lawyer.
Estate planning needs to become more normalized so that every citizen can adequately be prepared for that which we cannot prepare, and so that individuals of every age become more fiscally responsible with their own lives and are more comfortable planning for the future. Looking to the future, particularly in terms of wills, may seem morbid or unpleasant, but it sets the precedence of planning, responsibility, and personal accountability. It gives individuals control over their finances, their lives, and what happens to their assets when the unthinkable and uncontrollable occur.