Do you ever feel like you’re falling behind with estate planning? Maybe you know that you want to write a will. Maybe you’ve already thought about which beneficiaries are going to get certain family heirlooms or how you want to divide your money among your children.
But you still haven’t actually gone out and drafted that plan. You feel like everyone else already has their plan in place, so you’re running out of time. Is this true?
It is important to act quickly
There are two sides to this. The first is that you are not falling behind. Most people do not have an estate plan. You’re certainly not alone if you haven’t gotten around to making your plan yet. In fact, you may be somewhat ahead of the game if you’ve already considered what you want that plan to look like, even if you haven’t drafted it.
At the same time, though, procrastinating estate planning is not wise. It increases the odds of estate disputes among your family members. It can have tax implications that mean less of your money goes to your family. It may also mean that assets are not used how you intended or that specific beneficiaries don’t get what they expected.
In other words, drafting a plan can streamline this process for your entire family. Dying intestate, on the other hand, can cause a lot of complications and make the process harder on them than it needs to be. That’s why it is so important to consider all of your legal options and get your estate plan in place promptly.