When to Start Estate Planning?
When is the best time to create an estate plan? The short answer is that it’s never too early. While everyone’s situation is unique and may vary, there are a few important reasons you should consider creating an estate plan today.
An estate plan is a plan of action that protects your assets should you become incapacitated. It allows you to control what happens to your estate or assets if something should happen in the future. To learn more about estate planning for Arizona and California, click here to learn more about the process now.
When to Expect the Unexpected
One of the basic truths about life is that no one can ever know the future. It is impossible for us to know when or where something will ultimately go wrong. Whether that’s a lawsuit, an auto accident, or even an unexpected divorce filing, events can happen at any time that take us by complete surprise.
With an estate plan, you can prepare for some of life’s most unexpected surprises. Starting sooner rather than later allows greater freedom and more advantages.
The faster you get started on creating your estate plan, the easier it is to recover. And the sooner you prepare, the more benefits become available.
You can avoid taxes and court complications
One of the many benefits of preparing an estate plan is that it offers a better alternative to probate court. This can save your family time and money while offering several of the following legal protections.
Save Time
Probate can take anywhere from a few weeks to a few years to resolve. Generally speaking, the larger the estate or, the more often it’s contested, the longer and more hostile the probate process can be. With a crystal clear estate plan, your loved ones can cut through all of the long-winded legal issues. They can be done in weeks rather than years, and take comfort in the legacy you’ve created.
Save Money
Without an estate plan, your assets are at the mercy of the probate courts. During that time, your estate is subject to a host of fees, fines, and taxes. This includes court filing fees, state taxes, and even compensation for the executor of the will—all of which must be paid before distributing anything to your family. An estate plan acts as a distribution guide, so there’s no need for probate. That means no court fees or fines for your loved ones to deal with.
Reduce Conflict
The internet is littered with tragic tales of how families fell apart over bitter court battles that took place during probate. Oftentimes, families are left to fight over drastically reduced estates if the assets have been seized or taxed during the probate process.
Tensions rise, resentment brews, and some relationships are permanently damaged. Most of which can be avoided with a clear estate plan.
These are only a few of the many benefits of starting your estate plan early on. For more information about estate planning, click here to learn more.
Book a Free Consultation
Choosing to prepare an estate plan is a serious decision. After all, the consequences can be severe and require careful consideration.
Given the legal nature of these plans, many choose to discuss their options with an attorney. Especially since estate plans contain legal clauses and nuances with which a lawyer would be familiar.
With the right lawyer by your side, early planning can be fast, easy, and affordable. To schedule a free legal consultation, contact the offices of Rilus Law here, or call (480) 924-4424 to speak with a lawyer now.