Most Arizona residents know that estate planning is an important task, but they may put it off for a variety of reasons. For example, some people may think that they don’t have sufficient assets to worry about estate planning – yet. Or, they may believe that the entire estate planning process is too complicated and simply not worth the effort. Still others may truly know that they need to get their estate plan in order, but they keep putting it off and putting it off, indefinitely. However, as a recent news article noted, the certainty that comes with knowing that your estate plan is in place can provide quite a bit of peace of mind.
Why an estate plan is so important
The recent news article mentioned that one of the primary driving factors behind getting an estate plan in place is usually so that there is a plan for the distribution of assets. However, that is not the only purpose of an estate plan. An estate plan can also include documents that cover in-life scenarios, such as documents that provide direction for what type of medical care you would like to receive, or how your finances should be controlled, in the event that you are unable to provide directions due to incapacitation. A truly comprehensive estate plan will attempt to cover all angles of possibilities.
Estate planning documents
Having the proper documents drafted and executed is one part of estate planning, but there are other moves that need to take place as well. As the recent news article pointed out, beneficiaries need to be set on retirement accounts and life insurance policies, for example, and backups beneficiaries may need to be set as well.
As important as estate planning is, perhaps the most crucial aspect of this task is to get it addressed sooner rather than later. After all, no one is too young, or has too few assets, to think about estate planning.