According to a 2017 survey more than fifty percent of American adults do not have a will or any other estate planning documents. When thinking about estate planning, most people think it’s something they can put off until they’re older. Many people do not even begin thinking about their estate planning until they are in their mid-60s, nearing retirement. However, an estate plan is important for people at all stages of life including those just starting out.
Imagine a couple with two young children, good jobs, a home and a small savings account – estate planning is probably the furthest thing from their minds. In our practice, we come across many young people with the mindset “we’re young, healthy and had limited assets; why would we need an estate plan?”
In reality, an estate plan is very important for young couples especially those with children. Having a will in place is important in order to safeguard their children’s future. Without an estate plan in place, the State could be left to appoint a guardian for your children and your other assets may not be distributed according to your wishes. With a sound estate plan, you can designate who you want to care for your children and who you want to manage funds for them.
Aside from creating a will, your estate planning should include other planning documents such as healthcare directives, power-of-attorney and a living will. These planning documents are helpful to your family should something happen that would make you unable to make decisions for yourself.
An estate planning meeting with your attorney is not much different than your annual medical check-up. Through our initial consultation, we were able to gather information necessary to develop an estate plan that best suits your needs and ensures that your family is protected should the unthinkable happen. Contact Washburn Law for a free, no obligation consultation.