Many young people aren’t worrying about the distant future often. However, when it comes to making sure your family and things are taken care of, you should seriously consider taking an active role in estate planning.
Planning your estate allows you to prepare for the unlikely event of your own incapacity due to a disability, illness, or death. It also helps keep your belongings, money, and investments from becoming public records through the court system.
Most importantly, it helps you decide what happens to your money and assets after your death. But when is estate planning important? Well, the earlier you do it, the better. There are several signs that can help tell you it’s time to create an estate plan.
Marriage
So you just got married? Well, congratulations! But we have a question for you: what would happen if, God forbid, you pass away today? Will your partner get your assets or will your family? Will your partner be completely provided for?
Creating an estate plan allows your spouse to be provided for in the event of your unexpected death. The documents will ensure your spouse gets your property and honors your wishes. With an estate plan, you’ll never have to worry about how your spouse will feed the kids or pay the mortgage in your absence.
Children
Your children rely on you for just about everything. What happens if you suddenly become ill or pass away? Having an estate plan is a sure way of ensuring your kid’s health, education, and other needs will be addressed when you pass away.
Divorce
If you are divorcing or have divorced your partner, it’s very important that you create an estate plan. Why? An estate plan will help protect your assets from your former spouse.
Sure, some states have laws that prevent your ex from acquiring your belongings, money, and investments following a divorce, but this does not bar them from filing a lawsuit to get your money and belongings when you pass away.
If you don’t want your former spouse to end up with your assets, make sure you hire an experienced estate planning attorney. Estate attorneys will help you come up with a plan that will ensure your property go to the people you want.
Changes in Health
If you are diagnosed with a health threatening health issue, you should consider coming up with an estate plan. This will not only ensure your loved ones are taken care of when you pass on but also ensure your money and investments cover your treatment and medical care costs.
The fact of the matter is that it’s never too early to start planning for the future. Many of us have an idea of what we want to happen when we pass. It’s essential that you have a legal plan set up to ensure that all of this turns out how you want it to.
If you decided it’s time to plan your future with an estate plan, make sure you have an estate planning attorney by your side when creating it. The estate planning attorneys at Chesser & Barr will guide you through the process and ensure you have the correct documents and that your plan is clearly laid out.
Contact our firm at (850) 610-7471 for a no-fee consultation to discuss your estate plan.
