The new year is often associated with new beginnings and a fresh start. It can be an exciting time for many, where plans and major life goals that have been on the backburner finally become the main priority. This could mean a wide variety of things, but one of the most important ones that often gets overlooked is estate planning. If the pandemic has taught us anything, it is that the future is uncertain, and that life as you know it can change in a second. Not only is it always beneficial to be prepared for what comes next, but it is also important to make sure that your loved ones are properly taken care of after your passing. If you are ready to take the next step in the estate planning process, get in touch with the Butler County estate planning and probate attorneys from Heritage Elder Law & Estate Planning, LLC. for more information.
Why should I create an estate plan for the new year?
As morbid as it may sound, it is essential to get your assets in order and have conversations with your loved one while you still have time. While it is understandably a tough thing to talk about, especially during the holidays, you and your family will be better off for it in the long run. It is impossible for anyone to know what could happen to them in the near future. Making sure that your wishes are specified, for the sake of both you and your loved ones, is paramount to avoid any complications that may arise.
For example, if you were to pass away without a proper will, your estate would become subject to probate court, as well as any federal and state laws that may apply. However, the transfer of your assets may not be the only relevant issue depending on the circumstances. If you were to become incapacitated in any capacity, without a valid will in place with instructions specifying your medical decisions, your family may have to make difficult choices in figuring out what you would want in that scenario. It could also be problematic to not have a will if anything were to happen to both you and your spouse when it comes to the matter of how your children would be taken care of. If they are still minors, a court would have to appoint a guardian for them, and it may not be someone you would want to raise your kids.
Regardless of how you want your estate to be handled after you pass away, it is crucial that you have an attorney experienced in estate planning working on your behalf to ensure that your wishes are carried out.