When it comes to estate planning, there are a lot of things that can go wrong if you don't do it early. By putting together a plan while you're still healthy and lucid, you can avoid many of the problems that come with waiting too long. Here are four of the biggest problems you'll avoid by doing your estate planning now.
You Won't Have to Worry About Probate
If you die without a will or other estate planning documents in place, your assets will likely have to go through probate.
If you have debt, you aren't alone. Many Americans are dealing with debt that they have no immediate plans of paying off. If this sounds familiar, you might consider different credit repair solutions. One option available may be debt consolidation. Debt consolidation has a number of benefits to consider.
Of course, there are also many mistakes that people make when they consolidate debt or repair their credit. These are some of the mistakes you should aim to avoid.
Holistic financial planning helps people address a wide range of needs. The holistic approach extends to more than just trying to build your finances. You'll also confront questions about how to prepare for the unexpected. Take a look at how holistic planning professionals work with clients to have the necessary resources in place when the unexpected happens.
Savings
The old-school rainy day fund is one of the most basic tools for preparedness for unexpected events.
Are you one of the millions of Americans who doesn't have access to a traditional pension plan or even a 401(k) plan through their employer? If so, you may worry about how to properly save and plan for retirement.
One thing that can make a huge difference in your ability to prepare for retirement is a side hustle. Even the most modest side gig can fix your retirement savings challenges in three ways.
A recent survey explained that just 32% of respondents have already prepared a will, trust, or another relevant document to explain how to distribute their estate. If you fail to create these documents while alive and of sound mind and health, you open up a can of worms for your descendants to hash out. A living trust is an incredible aide to help you out with this, and today, it's easier than ever to create one online.
