Thanksgiving is just days away, the traditional kickoff of the winter holiday season. It is the time of the year where family and friends, from near and far, gather together and give thanks for all they have in life and gratefulness for each other.
Spending time with family during Thanksgiving and other holiday celebrations, realizing how quickly time passes, seeing how your own children have grown – maybe now even with children of their own – can be an unexpected reminder that the day will come when you will no longer be here to celebrate holidays with your family. Making sure you have a solid estate plan in place when that day comes is critical to ensuring your family will be taken care of.
Estate planning is one of those things people often delay for as long as possible. People may cite a number of reasons, but by contacting a Sacramento estate planning attorney sooner rather than later, you can make an inevitable event such as death much less painful for your family. The following are some of the common reasons people may have put off the estate planning process, as well as a look at why you should not delay your planning for the future.
I Don’t Want to Think About Dying
This is a completely understandable impulse. Thinking about what happens when you die can be frightening for anyone. However, taking the time to plan while you are healthy can be a big help for your loved ones. There is no guarantee that anyone will live to a certain age. What if you pass away in an accident? You will want to ensure your loved ones are taken care of, no matter what happens.
I Do Not Own Any Assets, So I Do Not Need an Estate Plan
This is one of the biggest mistakes people make with estate planning. Do not assume that just because you do not own anything today, you will not ever own anything. Even something as simple as a life insurance policy can be considered an asset. Personal property, vehicles, and a wide variety of other items are also considered assets, and your estate plan can address what you would like to happen to this property and anything you may own in the future.
I Am Not Old Enough to Need an Estate Plan Yet
As previously mentioned, there is no scheduled time for when someone will pass away. We all hope to live a long and healthy life, but anything from a terminal illness to a car accident can alter your life. It is important to understand that estate planning not only addresses what will happen when you die, but it can also make sure you are prepared in case you become incapacitated. What happens if you survive a car accident but can no longer take care of yourself? Who will make medical decisions for you? What about financial decisions? Having a proper estate plan in place will ensure that your wishes will be followed, no matter the situation.
I Have a Lot of Assets, and an Estate Plan Will Be Complicated
If you think the estate planning process is going to be difficult now, can you imagine what it will be like later on if you acquire even more assets? What about the difficult process your loved ones will face in the event you die or become incapacitated? If you do own a lot of real estate or personal property of value, you need an estate plan sooner rather than later. If you already have expectations for how you would like certain assets to go to specific people, you need to spell that out in a will.
Contact Our Office Today
If you would like to find out how our firm can help with your estate plan, contact our office today to schedule a free consultation.
All of us at Yee Law Group, LLC wish you and your family a happy and healthy Thanksgiving!