As people enter their golden years they are usually thinking about their estate plan. Many estate planning attorney's have clients who are older and are preparing their estate to pass on to their family. However, what many people fail to recognize is that it is just as important, if not more important, for young people, especially young families, to have an estate plan as well. Here are some reasons why you should be getting an estate plan, even when you are young.
1. To Protect Your Children
One of the most important reasons to get an estate plan while you are young is to protect your children. If something were to happen to you and or your spouse, what would happen to your children? You need to consider the possibility that you may need someone else to care for your children if you are unable to. When you create an estate plan you will name a person to care for your children if you should pass away. if you don't have an estate plan and have a guardian named, a judge will assign the care of your children to someone. You don't want to leave this vital decision up to a judge. It should be you that chooses someone who you believe will be the best guardian of your child(ren).
2. To Protect Your Wealth
Second, you need to consider finances should you pass away. If you already have a good deal of wealth, you need to organize it in a way so that it is easily accessible for you family after you pass away. You can put the money in trust accounts, name people as beneficiaries, and set aside money for education, living expenses and the care of your family. If you don't have your money organized properly it can be overly taxed, or it can be used for things that you don't approve of.
3. To Protect Your Interests and Wishes
Lastly, you need to meet with an estate-planning attorney to protect your interests and wishes. When you meet with the attorney you will make power of attorney documents. This gives someone you trust the power to make medical, financial and legal decisions for you if you are unable to. If you don't have these documents, someone who don't trust could be put over these decisions.
These are just three of the many reasons why you should be meeting with an estate-planning attorney (like Linn Schisel & DeMarco Attorneys At Law) while you are young.