Estate planning is not just important for people who are in the golden years of their life. In fact, many have realized the value of planning their estate while still in excellent health and who expect to live many more years. There are several reasons for this. For one thing, estate planning is not limited to wills, though having a will in place is a good idea regardless.
An estate planning attorney is a good resource for answers to questions you may have. They can also work with you to develop an estate plan that addresses your concerns and is appropriate for your needs.
If you are still not convinced as to why the timing is always right for planning your estate, consider these points as they may pertain to your situation:
- You’re single and young, with lots of years ahead of you. Young people often believe they’ll live forever, or at least, for a very long time. Ideally, this is true but sadly, for many it’s not. However, you may have an insurance policy and other assets that will be distributed after your passing. A will allows you to specify who should get which of your assets. You can change your will as time goes on, so there is no reason to postpone the process of making one. In addition, you may wish to speak with an estate planning attorney about living wills and trusts. Healthcare decisions may have to be made on your behalf if you become the victim of a serious accident. Why not specify your wishes now as you would like others to follow if it becomes necessary?
- You have children. If you pass away while your children are still minors, don’t you want them to be as financially well taken care of as possible?
- A will or a living trust can make sure they inherit your assets as you direct.
- You will also want to consider naming them as beneficiaries of your life insurance and other financial accounts.
- An estate planning attorney can minimize or eliminate the risk of that some or all of your assets will get stuck in the probate process. Not only does the probate process delay the disbursement of assets, it can be costly.
- Even if your children are adults, you will still want to specify who should receive what assets and sentimental items. Estate planning can reduce the likelihood that your children will enter into disagreements over the disbursement of your assets.
- You’ve reached middle age. By now you may have accumulated assets that hold considerable value.
- You can name who should receive what, and if any assets should be liquified such as your house, property, and maybe your boat or recreational vehicle.
- An estate planning lawyer can draw up a will for you that specifies your assets should go to your spouse, or directly to your children. Or, you can direct your spouse to inherit your assets before going to your children after they too pass away.
- You have serious health concerns or you have reached advanced age. Perhaps you’ve always put off the task of writing a will or setting up a trust, and so now is the time. If you have a life-threatening illness, this is also a good time to contact an estate planning attorney. Many people discover that after planning their estate, they are relieved of stress that they didn’t even realize they were carrying. By planning your estate in advance, you also lessen the stress level of your surviving loved ones. This is because they will not have to wonder and guess what your final wishes may have been
Talk to an estate lawyer Sacramento relies on today to ensure that the future is taken care of even after you’re gone.
Thanks to our friends and contributors from Yee Law Group for their insight into estate planning practice.