You might think that writing a will is only for the highly affluent and those that belong to the top 1% of society. While this may have been true in the past, writing a will is something from which everyone who has substantial assets can benefit. And this also touches on the topic of incapacity planning of the estate.
Although you might not want to think that there’s a chance that you’ll be physically or mentally incapacitated in the future, it would be foolish to disregard this possibility. Planning for the worst-case scenarios could be the responsible thing to do, particularly because it allows you to come up with solutions for every possible problem. Here are four reasons to convince you further:
Reason #1: When you finally need to prepare, it could be too late
It’s impossible to foresee what the future holds. But while this may be true, there’s also nothing wrong with preparing your will in advance. This allows you to take care of your assets and properties while you’re still healthy. Plus, you can still make all your decisions with a sound mind.
Making plans while you’re still young and able can allow you to live your days without worrying about what happens when you’re no longer as vivacious as you are now. But if you don’t take care of it while you can, there’s a chance that when you finally do need to prepare, it will already be too late.
So, don’t leave your future in the hands of strangers. Consider taking the time to meet with an estate lawyer as soon as you can to settle these legal matters immediately. Or, if you don’t have the resources to make plans now, you should at least return to the idea within the next few years.
Reason #2: Disasters often strike when you least expect them
Life often throws curveballs at you when you least expect them. Although you could be on top of the world today, you might not be in the same spot tomorrow because life is unpredictable that way. But just because you can’t see what the future holds doesn’t mean you should leave yourself vulnerable.
Take, for instance, the importance of being protected with life insurance. Getting life insurance while you’re still healthy and free of any chronic illnesses doesn’t mean that you’ll be diagnosed with a dread disease as you grow older. Nor does it guarantee that you’ll get into an accident and will need financial assistance.
But you get it anyway because while you’re on top of your game today, there’s a chance that you might not be there tomorrow. And if you dwell on that uncertainty, you’ll be paralyzed by your fear. So, you apply for life insurance because that’s how you can protect your health and financial freedom at the same time.
Reason #3: There’s a chance that you won’t be able to bounce back
“It’s not over until it’s over” is a beautiful adage that can bring hope to the hopeless. This means that no matter how dreadful your situation is, there’s still a chance that you can get out of it and move onward to better circumstances. But because there’s a possibility that you can bounce back from any situation you’re in, there’s also a chance that you won’t.
And what will happen if you can’t bounce back from something that you know for sure you will overcome? It will leave your family and everyone who depends on you at a loss. But most importantly, it can leave you with the realization that your life is changed forever. And there could be little that you can do about it.
That’s why it’s important to make preparations for your future while you still can. Since the future is uncertain, there’s a growing sense of urgency to protect and secure what you have today. So, the best solution to calm the worries, doubts, and fears you have about the unknown is to be prepared for them.
Reason #4: Money may be tight when you need it the most
Lastly, although you may have enough money for everything you need today, you can’t always promise that you will have the same luxury a few years or decades from now because life is tricky that way. That’s why it’s essential to update your will or trust when you gain new assets or properties.
Having a will doesn’t mean that everything is set in stone. You can always adjust your terms, make changes, or even go back on your plans if you don’t think they’re needed later on. But since you have assets and properties that you want to protect right now, or hopefully, leave to your family later on, including these assets in your will is a must.
By preparing for the uncertainties of the future, you can ensure that everything you leave behind after your untimely demise will be left in good hands. Also, the decision-making regarding your life and health will be left to someone who knows what you want, not just a stranger who will make the wrong decisions for you. So, consider writing your will as soon as possible.