Daniel E. DeKoter

Image source: manulife.com.ph Estate planning is most often equated to writing a will. Given the nature of the document, many people think that estate planning is simply for people who are nearing their death. This is a very common misconception. Although estate planning is certainly suitable for people who are dying due to old age or sickness, candidates for estate planning are not limited to those persons alone. In fact, any major lifestyle change should always be followed by estate planning. These lifestyle changes include having children, getting married, or inheriting. Image source: thebalance.com Another misconception regarding estate planning is that the only legal document involved is a will. EBut estate planning also includes preparing a power of attorney wherein a person authorizes another to make legal and financial decisions on their behalf in the event he or she becomes unable to make the decisions. In addition, your estate planning should includ

Image source: huffingtonpost.com Even though many people already understand the importance of estate planning, only half of the general population have written a will or a trust, two of the most basic documents in estate planning.   People delay creating one for varying reasons, such as indecision, dreading death, being stuck looking to make the perfect plan, and being overwhelmed, among others. It is important to set estate plans in motion as early as possible, after all.   The documents can always be reviewed and revised, if necessary.   Procrastination can result in undesirable consequences, such as the following: Image source: juridipedia.com Laws of intestacy:   If an individual passes on without an estate document, there are default laws, called laws of intestacy, that would determine who the beneficiaries of the departed would be.   Essentially, that individual waives the opportunity of naming the people who will receive the assets earned in their life