Haven’t you heard about “so and so” passed away and their children is still waiting for the house ownership to be transferred? and how about  real life story about their “so and so” passed away unexpectedly at young age and leaving behind young children and non working wife who has no clue on how to claim the husband’s wealth?

So, what are you waiting for, still ?

Here are some simple reason WHY you should have your estate planning done today:

1. Having an Estate Plan Is Better Than None At All

To be blunt, death is definite and not limited by age. It can happen anytime and thus it is important to have our Will and Trust document done up the soonest as we acquire any assets. Assets include savings in the banks, when we purchase house, properties, cars, investment, shares etc. The earlier we have the document done up, the more secured our family members are. Anyway, the Will and Trust Document requires on-going review to keep it updated and relevant.

2. To ease the estate administration process 

Having a Will document in hand, it definitely help reduce the burden of our beneficiaries in running the administration works. With the Executor pre assigned per the Will document, it will also ease a lot of unnecessary time and cost when come to the estate administration.

3. Help Care For Heirs/  Relatives Who Can’t Care For Themselves

The Will and Trust document help provide security for our heirs, especially those who cannot reasonably be expected to care for themselves now or in the future. For example, young children, special needs children, parents of spouse who are not working and someone who has always been depending on us, be it financially or physically.

4. It May Reduce Family Squabbling 

You see the importance and see the importance of minimizing conflict at  home. A comprehensive estate plan may reduce the risk of such conflict in the grief-ridden weeks and months following your absence. While this may not turn out to be your most enduring legacy, it’s sure to be a welcome relief for your loved ones.

5. It May Provide Protection From Creditors

Especially for those of you, business owners and entrepreneurs,  who have business set up, it is important to have your estate planning done using the right tools, to protect your family from the creditors.

6. It May Provide Protection From Those Who Wish To Lay Claim To Business Interests Or Assets

Likewise, your estate plan can protect your business interests and assets from current or former business partners or investors. If you wish to keep your business interest or assets in your family, or in the hands of designated heirs to the enterprise, you’ll need to consult with a trust and corporate services provider with expertise in such matters.

7. It Provides Clear Execution Of  Your Wishes In The Event Of Incapacity

Your estate plan need not lay dormant until your death. Your plan should include a healthcare directive and power of attorney designation to ensure that your wishes are faithfully and competently executed should you become incapacitated or incompetent to make legally binding decisions.

8. It Places Responsibility For Your Assets In Capable Hands

Any comprehensive estate plan requires the designation of an executor or trustee — in some cases, more than one — to ensure that your assets are looked after and disposed of capably and efficiently.

So, above are 8 Simple Reasons why should you set up an Estate Plan today.

Well, the nice thing about setting up an estate plan is that you only need to do it once.  To take note, a proper estate plan requires on going review and maintenance as circumstances change, but the actual effort involved in creating the structure of your estate plan need only be expended once. Thereafter, you and your family are free to focus on the more enjoyable aspects of life together — knowing that, should the unthinkable come to pass, those who survive you will be well cared for.

For more details, get in touch with any of ERA advisory team members, today.