Many people think they do not need an estate plan. This is for many reasons. For example, perhaps they make $40,000 a year and believe that estate plans are for the extremely wealthy. Maybe they have little property to pass on or do not own a business that would stay in the family.
The truth is that pretty much anyone can benefit from an estate plan. The plans can be as simple or as complex as the situation warrants, and they ensure the fulfillment of your wishes.
Perhaps surprisingly, young parents arguably need estate plans the most. In many cases, they are quite a few years from death. However, the fact is that they could pass away at any time and leave no plan in place for their small children. With an estate plan, they can designate guardians for their children and set up life insurance programs and other financial safety nets so that their children are adequately taken care of financially.
Speaking of children, parents of special-needs offspring of any age also benefit tremendously from estate planning.
People going into second or third marriages
People getting married for the second (or third or fourth) time also need estate plans. Trust goes only so far, and it can be irresponsible to trust your second spouse to make the decisions you have conveyed orally. For example, suppose you want your house to end up with your children from your first marriage after you and your second spouse die. However, you die before your spouse, and he or she remarries. Your second spouse then dies, and the house ends up with the new person. Convoluted tales and webs result when there is no planning, and there need not even be malicious intent on anyone’s part.
People close to retirement are another demographic that could really use estate planning. Their considerations often include long-term care and making their money last several decades. No matter where you are in life, an attorney can collaborate on an estate plan that best meets your needs and desires.