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Doing your estate planning now helps give you peace of mind

A lot of people avoid sitting down to discuss their last will or estate plan. Some people may find it morbid to think about and plan for their own death, but doing so empowers you and protects the people you love. You shouldn't wait until retirement age or later to handle these important decisions.

As soon as you accumulate substantial assets or have dependents, you should be thinking about an estate plan. Doing so helps ensure that your assets go to the people and non-profits you want. An estate plan can help you ensure that your children and spouse are adequately provided for in the event of your death.

Your estate plan can also reflect your medical wishes, plans for your funeral and even the creation of a trust. For those with special needs children or larger estates, trusts can offer a host of benefits. Well-funded and constructed trusts can reduce the tax burden on your heirs. They can also create very specific requirements for use of assets. Whether you need a straightforward last will or something more complex, like an estate plan with a trust, the sooner you get started, the sooner you can have greater peace of mind about your wishes and your loved ones' needs.

It is never too early to create an estate plan

There are a thousand reasons why putting off the creation of an estate plan is a mistake. You could experience a sudden and debilitating medical event, like a stroke. You could be in a car accident. Accidents, injuries and sudden medical events happen all the time. You may regret it if you fail to plan ahead before you experience some kind of incapacitating event. You will never regret taking the time to plan for your future and protect the people that you love. Although your life and family will probably change over time, it's better to update your estate plan as needed than wait.

There are many reasons why you may need to update your estate plan in the future. If you are diagnosed with a medical condition and need to create a special power of attorney for medical decisions or wish to change your advance medical directives, you can. If you need to change who you appointed trustee, you can. You can add new children, grandchildren and spouses to your last will and estate plan. Whatever the reason, you always have the option to update your estate plan and last will to reflect changes in your life, your assets and your family.

It makes much more sense to create an estate plan now and benefit from the security and peace of mind it offers than to wait until you believe everything in your life feels settled. You'll feel better knowing that the people you love are protected now.

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