Estate planning is often thought of as an old person’s concern. While it is true that seniors are most likely to have an estate plan, that doesn’t mean they are the only people who need them. Here is a list of three groups of people who need to create an estate plan as soon as possible.
Parents With Young Children
Who would take care of your child if you died? If you don’t know the answer to that, or are uncertain, you need an estate plan. Through your estate plan you can choose a guardian who will care for your children after you die, but if you don’t make your own choice you leave it up to a court to decide.
Whether you are a recent college graduate, someone who has moved to a new city, or are living in a non-married but committed relationship, the chances are you don’t have any kind of estate plan at all. In some situations single people have a much greater need for estate planning because they don’t have someone upon whom they can rely to make decisions on their behalf. A good estate plan with powers of attorney and healthcare directives will allow you to appoint someone to manage your important affairs should you no longer be able to do so.
Every capable adult needs an estate plan regardless of your level of wealth. Estate planning laws allow you to make specific choices, but only in specific ways. If you fail to make those choices you leave it up to someone else to decide for you.