As a general rule, there is never a bad time to have an estate plan prepared; however, the old adage “the earlier the better” certainly rings true in the estate planning context. Many people believe that estate planning is only appropriate for the very old or the very rich but this is not the case! Estate planning is a good idea for people of every walk of life – young, old, rich, or poor. Importantly, estate plans are designed to protect yourself, your assets, and most importantly, your loved ones. Although estate plans will come in different shapes and sizes based on your financial goals and family needs, there are several major life circumstances that should jumpstart a conversation regarding the preparation of an estate plan.
After committing your life to another person, it is important to discuss what your wishes are should you become incapacitated or unexpectedly pass away. Of course, many couples find this discussion to be somewhat morbid, but “failure to prepare is preparing to fail.” Creating an estate plan after marriage allows you to better communicate your wishes to your partner and allows you both to create a plan for your assets going forward.
Most couples who have young children desire an estate plan to set forth their wishes relating to the care and custody of their children should an unexpected tragedy occur. Regardless of the form of such planning, a proper estate plan allows parents to rest easy knowing that they have properly provided and cared for their children long into the future.
Whether you’re an active member of the military being deployed overseas or a recreational sky-diver, people who are subjected to high-risk activities should plan for the future. By creating an estate plan, people are able to create a plan for their assets, the care and custody of their minor children, and their healthcare decisions should they be unable to communicate such wishes when the time comes. If you’re embarking on any dangerous activities, be sure to plan ahead!
If you are experiencing any type of health issue, it is important to entrust someone with the power to make medical decisions for you on the chance that you lose the ability to choose for yourself. Whether it is an aging parent or a sick spouse, it is vitally important that you have a plan in place to address all future medical and financial decisions.
Whether you are in one of the circumstances outlined above or are contemplating the formation of an estate plan for the first time, contact the experienced estate planning attorneys at The Loftin Firm to learn about your different options today!