We all know that famous saying that indicates that death and taxes are the only two certainties in life. It’s certainly important to remember that while taxes are something that are a personal problem, your death will be a burden on your loved ones. Aside from their obvious grief, your family will be tasked with paying off all your bills that your final exit from life created.
You might feel healthy, but if you are aging, then you never know when your time is to go. And after you are gone, it is too late for others to feel anything other than overwhelmed if you have not put your affairs in order. Creating a will and estate planning is something that you can do for your family to thank them for sticking by your side all these years. Even if you don’t have anything to give your children, you should plan so that your own debts can be paid off in your absence.
Otherwise, there will be a tremendous sense of burden that you yourself place on your children. You might not even know how much it can create stress on them. They probably want to be able to grieve without figuring out where all your money is squirreled away. Surprising them with debts will also be an added source of grief that you do not want to impose.
You would be shocked how many people die each year in America without a will. There are 2.4 million deaths per year, and you can see how this exit can create a hole in the system. It would be nice if your debt was axed out on your demise, but you know that this is not the way that life works. Chances are, you do have the means to liquidate properties or assets to pay down your sum owing. You should give provision for that in the will. This will mean that your relatives are not in limbo wondering how on earth they can pay for your funeral expenses and such other bills such as a hospital stay.
With illnesses like dementia on the rise, it is good to prepare for these things while you are of sound mind. You will find that later you may not want to, especially if you are dealing with ailments and poor health. It’s never too early to prepare. If you have a family, then you should have a will and estate planning in place.
Often times, you may feel depressed when thinking of end of life matters. If you are young, you might keep procrastinating making a plan year after year. However, even young people with families die unexpectedly. If you care about the health of your family, you will want to impose some structure. It’s important to meet with a lawyer to make sure that the papers are filled out right. At the very least, there are will kits that allow you to do it yourself, but it doesn’t hurt to get a lawyer to check it over in the end.