Why should I begin estate planning early?

Date: Feb 16, 2016

Death can be a devastating process for so many people, such as relatives, friends and colleagues. However, this can be made worse if they had not engaged in estate planning. From estate disputes to someone challenging a will, there are any number of negative outcomes.

To avoid any unnecessary challenges, make sure you engage in estate planning as soon as you can.

Estate planning should be completed earlier not later

Preparing for death can be hard, but it is also essential.

Unfortunately, the topic of death and preparing for it is seen as a taboo. Humans do not like to think about death and tend to do everything they can put it out of their minds.

Yet, estate planning is a process best started early due to the risks of passing intestate and leaving distribution to the prerogative of the courts. Planning for your estate after you pass is not for ageing parents but should occur when someone becomes fiscally independent.

What should I focus on in the estate planning process?

The answer to this question very much depends on the age of the person. For an elderly person, it is important to think about the types of medical care that you may face in the future. This person's estate plan should ensure that they will receive the appropriate care when the time comes.

Beginning the estate planning process is essential for new parents. Guardians can be named and nominated for any minors. This is accomplished through a will, however, it might pay to create a secondary document that can stand on its own in front of the law.

Again, in another situation where someone comes from a blended family, or in other words, the product of multiple marriages, the planning process must take into account additional aspects, factors and conditions.

For instance, there is a chance that if a relative dies and they are divorced, their inheritance could be passed on to the spouse and not to the grandchildren. An estate plan can also ensure that a business is passed on to the right person. 

If you would like to know more about this process and the ways it can be tailored to your circumstances, make sure you talk to a wills and estates lawyer as soon as possible. 

Contact Craddock Murray Neumann Lawyers today and find out more.