Actually establishing an estate plan is an important first step. Proactive strategies can provide peace of mind for you and your loved ones. However, you want to make sure you do things right. The smallest of mistakes can create the largest amount of chaos during difficult times.
Estate planning is meant to clarify the distribution of assets following the death of a loved one. Without those proactive steps, already grieving loved ones may find themselves in serious disputes over money and property.
Estate planning in any form presents challenges. Legal complexities combine with emotionally charges issued. Simply stated, few want to face their own mortality.
Imagining what your child's life would be like if you die can be an emotionally traumatic exercise, but it is an essential one. It is this process that can help you determine who you want to name as your child's guardian in your will. Avoiding the issue does not resolve it, because the court will choose someone to raise your child in the event of your death if you have not done so.
Among the priorities of millennials, estate planning may not be at the top of their “to-do lists.” Many are at the twilight of their educational pursuits. Others are at the dawn of their careers. Some start families. Others are looking to buy homes or travel the world.