As Benjamin Franklin said, “In this world, nothing can be said to be certain, except death and taxes.” And while we may not be able to avoid either, we can certainly plan for them. Estate planning is the process of preparing for the transfer of your assets and wealth to your beneficiaries after your death. But many people put off estate planning until later in life, thinking they have plenty of time. However, there are many benefits to starting your estate planning early.
Here are some of the benefits of starting your estate planning early:
- Greater Control over Your Assets: By starting early, you have more time to plan and make decisions about how your assets will be distributed. You can also make changes to your estate plan as your life circumstances change. This gives you greater control over your assets and ensures that your wishes are carried out.
- Protect Your Loved Ones: Estate planning can help protect your loved ones by ensuring that your assets are distributed according to your wishes. It can also help reduce the amount of taxes your beneficiaries will have to pay, which can provide them with more financial security.
- Avoid Family Disputes: When a person dies without a will or estate plan, it can lead to family disputes and legal battles over the distribution of assets. Starting your estate planning early can help prevent these disputes by clearly outlining your wishes and ensuring that everyone is aware of them.
- Plan for Incapacity: Estate planning also includes planning for incapacity, which means making decisions about who will manage your finances and make medical decisions for you if you become unable to do so. Starting early allows you to choose someone you trust to handle these important decisions.
- Peace of Mind: Finally, starting your estate planning early can give you and your loved ones peace of mind. You will know that you have a plan in place that will ensure your assets are distributed according to your wishes, and your loved ones will be taken care of.
In conclusion, starting your estate planning early can have many benefits. By taking the time to plan, you can have greater control over your assets, protect your loved ones, avoid family disputes, plan for incapacity, and have peace of mind. If you haven’t started your estate planning yet, now is the time to do so. Consult an estate planning attorney in Toronto or Ontario to help you get started on the right track.