There are people who think that an estate only exists when there are lots of financial assets. In fact, if an individual has a little money in the bank, has furniture in an apartment, and maybe has some jewelry or other possessions with monetary value, an estate already exists. Choosing to seek financial advice now is a smart move, even if there is no indication that the individual will pass away anytime soon. Here are some reasons why it pays to plan now.
Creating a Foundation
Hopefully, the individual will live for several more decades. During that time, more assets are acquired and the worth of the estate increases. Choosing to engage in some basic estate planning now will make it all the easier to expand the strategy as more assets are added to the mix. Amending current estate documents to include another asset is much simpler than trying to keep up with what needs to be addressed after years of acquiring different types of assets.
Prepared for the Unexpected
The thing about life is that it can end at any time. Death does not always come months after being diagnosed with a fatal health issue. It can come in the form of someone running through a red light at top speed, falling off the roof while attempting to replace a damaged shingle, or as the result of some other mishap. These types of things can happen to people of all ages.
If the individual dies without leaving some type of plans in place for the estate, what will happen with the assets? Some people assume they will be passed on to the next of kin, but that is not always the way things work. Choosing to work with a professional and make specific plans will ensure nothing is overlooked if death comes much sooner than anticipated.
There is no reason to put off the planning. Start now, even if there is not much in the way of worldly possession and financial holdings to consider. Taking the action now ensures those assets do end up in the hands of those who matter most.
Financial Advice 