Being an adult means being responsible. Have you ever considered whether you should think about your estate and what may happen if you pass away? Even though you are young, anything can happen in the blink of an eye. There are many essential reasons why you should have an estate plan in place for your future. Find out more below.
Take a look at these points.
It is useful for you to know that an estate plan could protect you and your assets after you pass away. It could also protect you if you become incapacitated or are unable to make decisions for yourself, during your lifetime. It is quite beneficial for you to keep this information in mind.
Here are some vital points to take into consideration.
- An estate plan lets you leave your assets to a loved one or to a friend. You can choose to leave your assets to the right people.
- An estate plan may assist in reducing family disputes, as it states how your assets are going to be distributed. You can designate an object to a certain family member, and prevent fighting between your loved ones. This can be really crucial for your family. You wouldn’t want them to fight over something like that.
This is useful information for you to have if you are thinking about creating a plan. Consider having one created.
Here are the necessary steps that are involved in creating an estate plan:
- Determine what your net worth is. Calculate your net worth. This is crucial.
- Consider your family situation. Think about whether you need to have a plan created for your family. This is vital no matter what your family situation is.
Make sure that you don’t leave it too late. While you may not want to think about sad scenarios like passing away, you need to think about having a plan created. Now that you know more, you can decide whether you or not you should have a plan created.
DR MERVIN MESSIAS
JD (Juris Doctor) / BA, LLB (Wits) / TEP (Trust & Estate Practitioner) / MTP (Master Tax Practitioner – S.A)