Many people may live their lives without giving much thought to when they will die. While this live-in-the-moment type of attitude may seem positive and uplifting, it may not benefit everyone to avoid thinking about their potential demises. If you die without an estate plan, your affairs and your loved ones could face complications.
Of course, whether or not you choose to create a plan is a considerably personal decision. However, before you entirely decide against it, you may want to assess why you feel that you do not need one and also gain more information on how having a plan could prove more beneficial than you may think.
Do you need a will?
One main reason that many people — possibly you included — do not take the time to create an estate plan relates to the fact that they simply do not believe they need a will. Misinformation often has individuals thinking that wills and other estate planning tools are only useful to those parties who have substantial wealth. That is not the case. Even if you do not generate a substantial income or have immensely valuable assets, deciding what to do with the assets you do have can help avoid conflicts.
Another reason some people think they do not need to estate plan pertains to their ages. They may think that, because they are still young and spry, they do not need to consider what will happen after their deaths. After all, such an event remains a long way off, right? Unfortunately, that may not prove true for you or other people, as sudden fatal events can happen at any given moment.
Have you specifically addressed your home?
Even if you have taken the time to do some estate planning or feel ready to begin, you may need to consider some specific details of your plans. In particular, as a homeowner, you may want to determine what will happen with that property. Whether you have completely paid off your home may impact your decisions. However, you could choose to leave your home to a loved one, have it sold so your heirs can split the profits or whatever other route you find most fitting.
Why is estate planning important?
Aside from addressing your assets, you can also use an estate plan to review your life insurance options, name guardians for your children, indicate your end-of-life care wishes and numerous other aspects of your affairs. If you would like to start on your plan or learn more about your options, consulting with an estate planning attorney may prove useful to you.