Those who have taken the time to create an estate plan understand what an incredible gift it is to leave to loved ones. An estate plan offers those left behind less worry and stress while allowing a person to pass on their assets as they wish. Many may think that an estate plan is only for the very rich, but it is actually important for everyone.
An estate plan may be something that a person thinks about as they get older. It has the reputation of being a task one completes when they hit retirement age. But, there are so many things that an estate plan can contain that can be applicable for any age. One never knows when a tragedy will hit a family. A dad may go out for a bike ride and get in an accident. Or a mom may be diagnosed with an incurable cancer. These events cannot be predicted but an estate plan can help a family prepare for the unexpected.
A legal professional who is skilled in estate planning can help their client set up an estate plan that works for their family’s situation. An estate plan can include a will or trust that dictates how a person’s assets should be distributed upon their death. It can also include a living will that dictates how a person would want to be treated if they become medically incapacitated. A person can also name a financial power of attorney to take care of their financial affairs if they become incapacitated. If a person has children, they can name their child’s guardians. If a person is in a second or third marriage with a blended family, estate planning becomes even more important.
There are many reasons why a person needs an estate plan regardless of their age or stage of life. An estate plan is a fluid document that should be updated frequently in response to life events.