In our previous post we discussed the importance of a will and some of its benefits. This week we discuss why you should plan ahead for estate planning. Prior to preparing your planning, you should consider the reasons why you want to plan ahead.
As we have previously noted, proper estate planning can prevent problems down the road including:
- Loss of time – prepared estate planning can prevent an estate from entering into probate, which is a time consuming process for the personal representative and others involved. With proper planning, you lawyer can administer the estate efficiently.
- Financial burden – probate is often very expensive for the estate’s heirs. With a proper estate plan, financial issues can be prevented.
It is important to plan ahead in order to prevent these issues. Also, to have peace of mind when the time comes to administer the estate.