The only thing that is absolutely certain in this world is that eventually, we’ll have to pass on, kick the bucket, and head on to wherever we feel like we are going to when it all ends. But, what happens to those you leave behind?
You can’t take anything with you when you pass on from this world to the next, and this is why it is important to plan your estate early. But, this isn’t just for retired people or those nearing the end of their days; in fact, you can be as young as twenty years old and already planning your estate.
What’s an Estate?
Many top estate planning lawyers note that most people are confused with the term “estate,” and the immediate assumption is that just it involves property. Your house is indeed part of your estate, but it also includes any form of property you own and control; this includes your cars, other real estate, personal possessions, checking accounts and savings, and life insurance.
Your estate also includes anything that you may have an interest in, such as investments and stocks. All of this is called Gross Estate, which is basically your net worth before liabilities are deducted. After taxes, debt, and any other expenses are deducted, the net estate is what will be bestowed to your chosen beneficiary or beneficiaries.
Apart from physical properties and interest, your values are other things that you can pass on in addition to your valuables. This includes instructions on education, religion, and other specifics that you want your descendant or inheritor to adhere to.
While many people may think that it’s too soon to plan your estate and will even before you hit your 60’s, it is important that you plan early, as it is impossible to predict what will happen to you in the near future.
If you’re in an especially dangerous profession, such as construction, truck driving, and fishing, estate planning becomes more serious. Accidents can happen, and planning your estate and your will is the only thing you can do to grant you a bit of peace and mind.
Estate planning is an ongoing process and isn’t supposed to be a one-time event that you do when you’re in your deathbed. It should start the moment you get any property under your name, and planning early will make entrusting your estate easier.