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Do I really need an estate plan?

On Behalf of | Jun 3, 2020 | Estate planning |

If you are young and in good health, you probably believe that you do not need an estate plan. After all, you have no intention to die any time soon.

However, it is a vital mistake to procrastinate making your end-of-life legal plans. An estate plan and its components, such as a last will and testament, power of attorney and various trusts, is crucial for all adults.

Why Every Adult Needs An Estate Plan

If you are over 18 years of age, then you should have an estate plan intact. Why? There are numerous reasons:

  • Life is unpredictable. No one knows whether an accident, medical condition or other unforeseen circumstances will cut their life short. By creating an estate plan today, you will have one in place in case you do not get a tomorrow.
  • Your children need guardians. If you have kids who are minors, who will have custody of them if you die? With an estate plan, you can establish a guardianship for your children.
  • You can protect your family. Your last will and testament will ensure that your assets pass to the beneficiaries you designate. This can provide for your loved ones’ long-term finances.
  • Estate plans can circumvent probate. Probate, or the court process of assessing and distributing a decedent’s assets, is a long and tedious process. You can avoid probate with some simple estate planning tools.

As you can see, there are far too many reasons to make an estate plan. Whether you are a new adult or are entering your golden years, you need one, too.

How To Make Your Estate Plan

The internet provides many do-it-yourself estate planning documents, but it is not wise to use these. Many courts will not uphold wills and other documents unless an attorney has prepared them. To that end, you can work with an estate planning attorney to draft the documents you need.