There’s a common misconception out there that you only need to worry about creating an estate plan if you’re elderly or have health issues. The fact of the matter is that young families have just as many reasons to start estate planning as older people do. In today’s blog post, we’re taking a look at three of the top reasons to meet with an estate planning attorney as soon as possible.
1. Have a say in who cares for your minor children if anything happens to you.
An estate plan (and a will, in particular) allows you to express your wishes as to who should care for your minor children as guardian if anything should happen to both parents. You’ll want to consider a number of factors when making this decision:
- Does the person you’re choosing have the same religious and/or moral beliefs as you do?
- How old is the person? Will they have the time and energy to support your child up to adulthood and even beyond?
- Is the person willing to take on this huge responsibility?
- Where is the person located? Will your child have to relocate and/or change schools?
- If you’re choosing a couple, do they have a reliable relationship?
2. Plan not only for your death, but also for the possibility of incapacitation.
Many people forget that planning for death isn’t the only job of an estate plan. It can also involve making a plan to be implemented if you are ever incapacitated. What would happen if an illness or injury left you comatose? You can use estate planning to express your wishes regarding your medical care. Would you want to be kept alive by machines if you were brain dead? Do you have preferences about medications, diets, and doctors? Who would manage your financial affairs if you were incapacitated. You can make arrangements for all of this using documents like a living will, an advance healthcare directive, and a durable power of attorney.
3. Make the transition easier for your loved ones if you pass away unexpectedly.
Even if you don’t have substantial assets yet, what you do have is likely very important to you and your loved ones. Estate planning can be used to express your wishes about what happens to your money, property, and personal possessions if you pass away. This can ease tension for your family members by leaving nothing in question.
Contact an Estate Planning Attorney Today
If you are ready to create an estate plan, the Miller Law Firm PC team is here to help. We have extensive experience helping individuals of all ages and backgrounds plan for the future. Do it for your peace of mind and for your loved ones’ happiness and wellbeing. Contact us today.
