Estate planning is a topic that comes up often among older adults and their adult children. It is not the most pleasant topic to discuss, but topics surrounding estate planning are necessary conversations for everyone to have. One mistake that people make is waiting too late to plan their estate, which results in them having little to no say when serious illness strikes.
Here are some of the reasons why New Jersey residents should plan their estates and draft their wills far in advance.
To provide family peace of mind
Experiencing a death in the family is a difficult thing to process, and having a will already in place takes a lot of work off the surviving family members. While accidents can happen to anyone at any time regardless of age, older adults are more likely to experience potentially life-threatening illnesses such as cancer and heart disease. Having an estate established relieves family members from worrying about the financial aspects in the event of your death.
To save time and money
While there is some time and money involved in setting up an estate, putting one in place early on will save money in the long run. Without an estate, surviving family members may end up having to go to probate court after you pass away, which only adds stress to an already difficult time.
When you are aware of the reasons why it is important to plan an estate in advance, it gives you the motivation to start the process early.