The estate planning process can seem complex and time-consuming, which causes some people to push off setting up a will or creating a trust. Moreover, some people may believe that they are too young for an estate plan and that they have many decades of life ahead of them. Unfortunately, unexpected problems can arise at any time, from a serious health crisis (such as a terminal cancer diagnosis) to an unforeseen accident that claims a life far too soon. As a result, it is important for you to set up an estate plan if you are worried about how your estate will be distributed to loved ones after you pass away.
When someone dies before they have an estate plan in place, their death can be even more difficult for those they love. Not only will many family members have overwhelming emotional pain, but there may be a lot of confusion with respect to the distribution of assets belonging to the deceased. Moreover, disputes can arise over how to split up assets and family members may be completely unsure of what to do in certain regards. Unfortunately, this has happened to many families and the situation has resulted in someone’s assets being divided in a way that goes against what they would have wanted.
Fortunately, you can avoid these problems by creating an estate plan in a timely manner. Even if you live for many more years, you may have peace of mind knowing that these matters have already been taken into consideration and you are prepared.