Why You Need to Have Your Estate Plan in Order 

Estate Planning is an important discourse that tends to be overlooked by a significant amount of people around the globe. It is true to say that most of us would like to leave our assets to people we approve. These people could be siblings, partners, children, parents, friends or even institutions. They can continue one’s legacy, put the assets to good use or preserve the assets for a specified course. We look into what estate planning is and the myths that surround it.

Estate planning is the designation of tasks that allow access or control of an individual’s assets when he or she is incapacitated or passes on. Items that one can undertake in their estate planning include; wills and trusts, beneficiary designation, durable power of attorney, letter of intent, healthcare power of attorney and guardianship designation. Anyone who is eighteen years or older can have their estate planned.

Myths about Estate Planning

• One has to be old to plan their estate.

As long as you have an asset to your name and are 18 years or older, you might think of having an estate plan arranged.

• You have to be rich.

Any assets that you have are enough to allow you to establish who will take over them once you pass on or are incapacitated.

• Needed on death.

One might be incapacitated before death and it would be prudent to have an estate plan before such an eventuality.

• Waiting for incapacitation or death.

This might lead to wrangles or probate which might lead to one’s asset base being handed over to someone or people he or she wouldn’t have approved.

• Singles don’t need an estate a plan.

 They more than need it. It is wise and thoughtful to assign people or institutions you would want the authority to take care over your assets either on incapacitation or upon death.

• Marriage entitles you to the property of your spouse.

Sometimes, a spouse might not have listed their partner erroneously, or by omission especially when the assets were acquired before marriage. Therefore, it is important for spouses to have their estate plan reviewed and put in order.

Importantly, it is important to involve in your estate planning, a reputable and trusted lawyer, judge or authorized institution depending on your jurisdiction. These parties will help in certification of your will among other estate planning related matters. Important to note is that debt can be included in one’s estate plan. For instance, you can outline how your representative will pay off any incurred debts from resources you might have availed to them upon your demise or incapacitation.

While you work smart or hard to have what you have today, remember to have your estate plan in order.