The inheritance planning process is often looked upon as something that is only important after you reach an advanced age. Without question, if you did not plan ahead when you were younger, you may take the matter more seriously once you enter your golden years.
Though a significant percentage of elders are not prepared, far more younger people are going through their lives without making any preparations for a profound event that will have a significant impact on their families.
This lack of planning is a huge error. All responsible adults should execute the necessary estate planning documents, and you are putting your loved ones at risk if you are going through life without an estate plan.
In reality, estate planning is important for adults of all ages, because you never know what the future holds in store for you. When you browse the trending news on the your favorite news site, you read about younger people passing away each and every day. Fatal automobile accidents are not uncommon, and there are those who suffer from catastrophic medical conditions.
Even if you are not rich, most people have property that is valuable to one degree or another, and just about everyone is in possession of property that has sentimental value. If you do nothing, the state will decide how your resources are distributed, and people that you love could wind up with nothing.
Latter life incapacitation also enters the picture. Young adults sometimes become unable to communicate their own decisions due to incapacitation. The case of Terri Schiavo is often utilized to make this point.
A number of years ago, Ms. Schiavo was kept alive through the utilization of artificial feeding and hydration methods for years after falling into a vegetative state. She did not have a living will in place stating her wishes regarding the use of life-sustaining measures. In the end, her husband and her parents fought a bitter court battle over the removal of the life-support measures. If she would have executed a living will, her own true wishes would have been carried out, and this difficult situation would have been avoided.
Parents of Young Children
Estate planning is necessary regardless of your family dynamic, but it is absolutely essential for the parents of young children.
Who would care for your children if the unthinkable was to take place? You can answer this question if you nominate a guardian in your estate plan. This person would be empowered to take care of your children if a guardianship ever became necessary, as long as the court felt as though the nominee could serve the best interests of the children.
Life insurance is also an important part of the equation for young families. Most families depend on two incomes, and you should have sufficient insurance so that an income replacement vehicle will be available to your family if you were to pass away.
Attend a Free Seminar
If you would like to learn more about estate planning, attend one of our free workshops. We hold these sessions on an ongoing basis, and you can click this link to keep abreast of our schedule: Naples FL Estate Planning Workshops.
