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The benefits of early estate planning

Posted on March 1, 2018

Estate planning is not always an easy topic to discuss, but there can be many advantages to addressing these plans head on. Despite the common assumption that this financial process is only for the elderly and the wealthy, Missouri residents who start sooner than later can save time and money in the long run. Recently, some experts have considered the wide range of benefits of beginning these plans early.

The current job market has left millions of millennials in desperate financial times. However, U.S. News reported last year that, above all else, estate planning can ensure protection for loved ones. Contrary to what many younger generations may assume, the process can be short and simple, involving a brief series of paperwork. First, those starting estate plans may want to consider naming a decision maker; a reliable power of attorney and health care proxy can help one make important financial and health-related decisions in extreme situations that leave an adult incapacitated. Naming beneficiaries and wills is another important step, as U.S. News states that assets and life insurance benefits — no matter how small — can help family and friends in the case of a tragic event.

Findlaw also lists the benefits of drafting estate plans early, first pointing out that up to 57 percent of Americans are without a will. A large majority of adults assume that planning is too time consuming, costly and frivolous. For those who are single and under the age of 30, this sentiment can be especially true, yet Findlaw notes that those with high income immediately post-college should consider early estate planning. In the case of death, family members and other loved ones can receive benefits without getting left behind. There are many factors that go into estate planning, but finding the right plan can help establish peace of mind in the future.