Someday, everything you own will be passed on to someone else. Most likely, those assets will go to your children but could also go to grandchildren, family friends and many others. You can do with your assets as you like.
However, in order to make sure that your wishes are actually followed, you need to create an estate plan. The simplest type of plan involves you drafting a will, but you can go far beyond this. You could use a trust that holds your assets and allows a trustee to pass them out, for instance, and you could set up a health care power of attorney so that someone else can make medical decisions for you. A comprehensive estate plan can address almost anything you can think of, both before and after you pass away.
In addition, this type of planning is something that we will all need to do. Almost everyone has assets to pass down and has affairs to handle.
Why do so many people put estate planning off?
What you’ll find is that most people have not done any estate planning. Those who know they need to are often just procrastinating. They feel like they do not have to rush because they assume they’ll still be around for years to make these decisions. It’s easy to say you’ll do it next month or next year or two years from now. A lot of people do this for decades and never get around to making a plan.
You don’t want to take this type of chance with your assets or with your family. Look into your options to create the plan you need soon.