If you’re planning for retirement, your focus is likely on your cash flow and whether or not you can keep your home and your lifestyle. It’s fairly common for seniors to focus on how they’ll afford to live rather than planning the finer details once they’re gone. But you shouldn’t underestimate the importance of using an estate planning attorney to work these details out now. While 60% of people surveyed believe all adults should have estate plans, only 44% of those same folks said they had one themselves. When you’re planning for retirement, here are three reasons why you shouldn’t exclude estate planning:
Working with will and estate lawyers can help you take stock of your assets
When you plan your estate, you’ll have to take inventory of all your assets. Doing this will make you think about how to maximize the value of those assets. That way, you can make a determination as to how you want to use them or distribute them. It will take a lot of the guess work out of the equation and may even make you realize you have more assets than you initially thought.
You’ll spare beneficiaries from difficult situations
If you fail to plan your estate, you may be putting your loved ones in an extremely challenging and hurtful predicament. This may cause your family members to fight about their inheritance, and such disputes can go on for years. Even in cases where you might think the distribution of assets seems obvious, it may seem unfair to your family members, who will never really know what you would have wanted. By creating an estate plan, you’ll make sure everything is carried out to your wishes with no legal fights.
Estate planning can provide peace of mind
Death can be unpredictable. Should you pass away due to an accident or should you become unable to create an estate plan later in life due to reduced mental capacity, planning your estate early can be vital. It will put your spouse and loved ones at ease knowing that they won’t have to face a legal battle or a financial crisis in the event of your death. If you’ve worked hard to provide for your family in your younger years, planning your estate will ensure that it wasn’t all for naught.
If you’re currently planning for retirement and want to find out more about estate planning, contact our law firm today.