When is it the right time for estate planning?

When is it the right time for estate planning?

here are some things people mean to do, but continue to put off year after year. For many North Carolina residents estate planning is one of those things. Of course people don’t like to think about their own passing, but not having an estate plan in place only make things more difficult for loved ones. Planning for what should happen after death can be difficult and is often fraught with emotions. It’s only natural that people put off making arrangements .

Doesn’t have to be so gloomy

If people approach estate planning like they’re doing it for the well-being of their family members and their own peace of mind it’s not bad. Estate planning gives individuals a say regarding what happens with those who are still living after their death, and that can comforting. Thinking about loved ones and who should get what can actually be rather satisfying. 

Questions to consider

The time for estate planning is right now. Too many North Carolina residents wait until it’s too late, leaving their loved ones with the burden of sorting out their affairs and making difficult decisions. No one should be put in that position. Here are some questions to think about that may indicate it’s time to start an estate plan:

  • Are there children (or grandchildren) involved? Who will take care of them?
  • Is there a business involved? What will happen to it if there is no succession plan?
  • Are there unique circumstances involved like a special needs child, or a beneficiary with an addiction issue?; 
  • Are there likely to be fights over assets?
  • Will there be a need for long-term care?
  • Has thought been given to tax laws and the impact they have on an estate?

These are only some of the many questions that need to be considered regarding why estate planning is crucial. It’s not something North Carolina residents should think about with an attitude like “I’ll get around to it one day.” That one day just might be too late.

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