Some people look at estate planning as a daunting task. They tell themselves, “Oh, I don’t need to think about dying right now. I’ll do that when I’m older.” The fact of matter, however, is that estate planning is not just for the elderly. Read on to discover four reasons every adult needs to have an up-to-date estate plan in place.
1. Young people die too.
We say this not to scare you, but because we understand that it’s easy to feel falsely invincible when you’re young. According to a report published in the Journal of the American Medical Association, mid-life death rates in the United States have been rising steadily since 2010. From accidents to illnesses, you can never be certain what the future has in store. Estate planning protects you and your loved ones when bad things happen. As they say, hope for the best, but plan for the worst.
2. You need to make arrangements for your minor children.
Who would care for your minor children if something were to happen to you? If you want to have a say in who becomes their caregiver, the only way to do so dependably is through estate planning.
3. You need to make arrangements for your finances.
Whether you have significant financial assets or just a small amount of property to your name, you’ve worked hard for what you have! The only way you can make sure it continues to benefit those you care about after you are gone is through careful estate planning. The right plan can keep your asset from being diminished by taxes and probate.
4. You need to make arrangements for your healthcare.
Estate planning doesn’t just matter after you’re gone, it can also matter if you become incapacitated. Whether you’re in a coma or face early onset dementia, or become incapacitated in some other way, your family and doctors can consult your estate plan to learn about your wishes regarding your medical treatment, as well as how you want your affairs to be handled while you’re unable to handle them yourself.
As you can see, estate planning really is for everyone, not just the elderly. Whether you’re doing it because you’ve recently become a parent and want to make sure there are arrangements for your child if anything happens to you, or because you understand the possibility of accidents and illness and want to make sure your wishes regarding your health care are respected, the experienced estate planning team at The Law Offices of Mackenzie Sorich is here to help you. Contact us today to schedule a complimentary 15-minute phone consultation.