Do you think you are too young to create or need an estate plan?
Over the past three years, various shifts in behavior have been witnessed across different demographics due to changing circumstances. Among these changes, a particularly positive trend has emerged in estate planning.
It’s essential to recognize that all adults should have fundamental estate planning documents regardless of age. Preparing for death and potential incapacity is necessary, irrespective of wealth, marital status, or parental responsibilities. If you need more clarification about creating an estate plan, consider the following three compelling reasons to kickstart your planning journey.
1. Incapacity Vulnerability: Estate planning extends beyond posthumous arrangements. It shields you not only in death but also in the case of incapacity. With an estate plan, your family can navigate legal proceedings to appoint a guardian or conservator to manage your financial, legal, and medical decisions. The potential result could be someone having authority over your affairs whom you would not have chosen. A stark example is the situation faced by Britney Spears. Initiate your plan to ensure that you retain control over unforeseen circumstances.
2. Ensuring Asset Inheritance: Failing to establish an estate plan places the courts in charge of determining asset distribution, leading to potential conflicts among loved ones. While inheritance laws vary between states, surviving spouses and children are prioritized, followed by close family members. Without these relatives, assets could even revert to the state. By creating an estate plan, you dictate who receives your assets, including non-blood relatives like unmarried partners or close friends.
3. Avoiding Probate Hassles: Without an estate plan, your loved ones will likely have to navigate the probate process, which is costly, time-consuming, and public. Probate court decisions can take months or even years, and there’s a possibility of not inheriting anything after the ordeal. Moreover, your family will endure added emotional stress while grieving your loss. Proper estate planning circumvents these issues, sparing your family from unnecessary burdens.
At Legacy Counsel, we offer guidance and support throughout the estate planning process. Protect your family from unnecessary conflicts and ensure a smooth transition of your legacy. Remember to consider the peace of mind that accompanies a well-structured estate plan. By securing your family’s future, you spare them the chaos that arises without proper preparation. Contact us today to schedule your Legacy Session and initiate your estate planning journey.
