Life gets busy. Career, student loans & family takes up our time and tend to feel out of control. There is more than one way of getting our life in order and estate planning often falls to the bottom of the list. But here’s the thing: it’s not something you should wait on, even if you’re young.
The uptake in wills increases with age, as you would expect. 41% of young adults aged 18-24 have a will, this grows to 47% of 25-54 year olds and 69% of those over the age of 55. Starting early can give you more control over your financial future and ensure your loved ones are taken care of, no matter what.
If you are contemplating setting up a will or trust, or just need a general guide on estate planning, Circadian Capital can help guide you through this process.
Let’s talk about how you can get started today.
What Is Estate Planning?
Estate planning isn’t just for older people, there’s no age limit and instead its recommended to start early. It’s about making sure your assets, whether it’s property, savings, or anything important, are handled the way you want if something happens to you. It can sound complicated, but it really boils down to a few key things.
The earlier you get organised, the more control you have over your assets and wealth. Deciding who gets what can be a time consuming and emotionally draining process. By planning ahead, you can avoid costly delays and confusion that can arise if you don’t have a plan in place.
And starting now means:
- You decide what happens: If you don’t plan ahead, the state will decide how your assets will be distributed.
- It’s cheaper and easier: Sorting things out now can save your family a lot of money and hassle later.
- It gives you peace of mind: Knowing everything is sorted out will take a weight off your shoulders.
Key Things You Need for Your Estate Plan
Getting started with estate planning doesn’t have to be overwhelming. Here’s what you need to know:
A will is the first essential step in estate planning, as it specifies who will inherit your assets when you pass away. It’s a simple yet powerful document that ensures your wishes are carried out. Trusts offer an additional level of control, allowing you to decide when and how your assets are distributed, while also helping reduce tax liabilities and avoid probate. This can save your family both time and money.
A power of attorney lets you appoint someone to handle your financial and medical decisions if you’re unable to do so yourself. Finally, health care directives outline your preferences for medical treatment, ensuring that your wishes are respected if you can’t communicate them.
Millennials in the UK are realising the value of planning early. In fact, 38% of millennials have already set up a will or trust, showing that more young people are taking control of their future.
If you’re ready to get started, you can find a local will writer through the national registry or use private services like Trust and Will to get your estate plan in place.
Steps You Can Take Today to Start Your Estate Planning Journey
Starting doesn’t have to be difficult. Here are the first steps:
- Look at Your Assets: Sit down and take stock of everything you own; property, savings, investments, even things like cryptocurrency. Knowing what you’ve got is the first step to making sure it’s protected.
- Write a Will: This is the easiest and most important part. A simple will lets you decide who gets your stuff, and you can update it whenever things change.
- Consider a Trust: If you have more assets or want to be really specific about how things are handled, a trust is worth considering. It helps with taxes and avoids your estate going through probate.
- Pick Executors and Trustees: Choose people who will handle your estate when you’re gone. Pick someone trustworthy—ideally, someone who knows your wishes.
- Talk to a Financial Advisor: Once you’ve got a list of your assets, it’s a good idea to talk to an expert. Circadian Capital’s financial planners can guide you through the process and make sure everything fits with your overall financial goals.
Risks of Waiting: Why You Shouldn’t Delay
Here’s the deal: waiting to plan can cause problems. Life can throw anything your way, and without a plan, things get messy.
- Unexpected Events: You never know when something might happen. If you’re unprepared, it can create stress for your loved ones.
- Higher Costs: Without a plan in place, your family may end up paying more in taxes or legal fees. Starting early can save them money.
- Family Stress: If there’s no clear plan, your family might have to make tough decisions without knowing what you would’ve wanted. Estate planning makes it easier for them to follow your wishes.
If you are looking for a more comprehensive guide on managing your family’s finances and avoiding risks, check out this guide by Circadian Capital.
Conclusion: Make Estate Planning a Priority Today
Estate planning is a simple way to make sure your family is taken care of, your assets are protected, and your wishes are followed. It’s not something you should wait on.
The earlier you start, the more control you have. If you’re ready to take that first step, Circadian Capital is here to help you make sure your estate plan works for you. Get in touch with us today to start securing your future.