Do you think you are too young to create or need an estate plan?
The past 3 years have alternated the behavior of majority of people in several different ways. Thankfully, one of the most positive ways is associated with estate planning. According to the study conducted by Caring.com’s – 2021 Wills and Estate Planning Study, young adults are now more likely to have their own estate plan, compared to middle-aged adults.
Comparing data from 2020 and 2021, it is clear to note a 10% increase in young adults from the ages of 18 to 34 reporting having a will or another estate plan document. On the contrary, a 5% decrease in middle-aged adults from the ages of 35 to 54 years old reporting having a will or another estate plan document.
In other words, the shift in behaviors between different demographics is largely due to the unforeseen pandemic. As a matter of fact, 45% of young adults expressed their motive was COVID-19. However, it should not take a global pandemic to motivate young adults to plan for a and prepare their legacy.
Taking this into consideration, it should be noted that all adults, regardless of the age, should have some basic estate planning documents in place. Planning for death and/or incapacity should be completed without a doubt, regardless how much money you have, whether you are single or married, or whether you have kids or you don’t. In the case you are still not convinced to create an estate plan for yourself, below you will find 3 reasons to inspire your to get your plan started:
- Incapacity Can Lead to Vulnerability
Although many believe estate planning solely plans for death, that is far from the reality. Not only do estate plans protect you after your death, but they also protect you in the case of incapacity. If you were to be in an accident and as a result incapacitated without an estate plan, your family will have to petition to the courts to appoint a guardian or conservator to supervise your financial, legal and medical choices. And to add to the stress, the courts could appoint a family member you would have wished to not have that power for you, for instance what occurred to Britney Spears.
We can assist you in getting started your plan for protection for death and incapacity. While you many are not in control over what life throws at you, you can control how your life and assets will be managed in the case of the unforeseen.
- Asset Inheritance
Dying without an estate plan implies the court is responsible of deciding who inherits your assets, which can lead to several problems amongst your loved ones. Although laws vary between states, spouses and children are given priority, which is then followed by other closest family members. In the case that you have no children and are not married, your parents and siblings are priority, followed by close family members. Unfortunately, in the case that you have neither, your assets are directed to the state.
Nonetheless you can guarantee that your assets are distributed to the people you desire by creating a proper estate plan. It is important to take into consideration that state intestacy laws only apply to blood relatives, so unless you create your plan, your unmarried partner or close friends won’t receive anything. Additionally, dying without an estate plan could leave your surviving family battling it down in the courts to find out who gets to inherit your assets, a court process you don’t want anyone to go through with.
At Legacy Counsel, we can help you get started on your estate plan, in order to have your assets distributed how you desire them to. With careful consideration of your family dynamic, your family’s wealth and other contributing factors, we can help you plan the best plan for you and your family.
- Out of Court, Out of Conflict:
If you do not have an estate plan in place – or even if you only have a will- you are forcing your loved ones to go through probate upon your death. Probate is a court process, which can be expensive, long, slow and public.
Depending on the complexity of the case, probate can take months and even years, to complete. The worst part of probate is the possibility of not inheriting anything after the courts decide who takes what. You may have spent a lot of time and money during the process and still walk out with nothing. Outside of those issues, the most burdensome part of probate is the frustration and emotional rollercoaster you cause your loved ones. Not only is your family grieving your death, but they now have to deal with the court systems.
Not to mention the mess that you are leaving behind by carelessly not estate planning. Consider everything around you at this exact moment will be left behind and assigned by the courts to someone who may not want it. And to add to the mess already, consider how that new person will have to figure everything out on their own without your guidance. What do you own, where is it located, how do I access it, etc., are all questions the person will be asking themselves because you did not create your own estate plan.
Nonetheless, the expenses, mess, drama, and time waisted can be avoided with proper estate planning. To start your estate plan, contact us today. We can help you protect yourself and your family and in the event of death there is no need for intervention.
Time to Stop Making Excuses:
Although many argue that the pandemic motivated them to create an estate plan, the 2021 Caring.com report also suggests that still one out of three Americans still do not think that estate planning is important or have not thought about it at all. By not having an estate plan in place you are guaranteeing drama, conflict, court and a big mess for your loved ones.
Putting off creating an estate plan is not worth the mess left behind. At Legacy Counsel, we can help providing guidance and support through the planning process, guaranteeing all proper precautions are taken to spare problems for your families.
Don’t forget the peace-of-mind you will get from creating an estate plan. By having an estate plan, you ensure that your families will be provided and cared for no matter the event you find yourself in. Contact us today to schedule your Legacy Session and get started on your estate plan.
