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When it comes to the law of estate planning, I have heard some crazy myths in my day. The craziest of these myths is that estate planning is only for folks in their retirement years. While there is merit to the statement that retirees need to be making their estate plans, that does not change the fact that other demographics need an Estate Plan, too.
Before we get into the meat of this issue, lets quickly talk a little about what actually constitutes an Estate Plan. This will help you understand why it is important for you to have an Estate Plan, even if you are not yet retired.
Estate Planning is More Than Just a Will
A Last Will and Testament is the first item that you think of when they think of having an estate plan. However, a Last Will and Testament is only the first step in the estate planning process. Estate planning is a comprehensive plan that covers an array of areas, such as Trusts, Powers of Attorney, and the like. Estate planning attorneys can help you protect assets and business interest to help secure wealth for the next several generations of your family.
An Estate Plan is not Fire Insurance, it is a Comprehensive Asset Protection Plan
Although having an estate plan does become more important as you get older that does not mean that it is only for older people. We need to change the stigma surrounding getting an estate plan. An estate plan is not fire insurance. It is so much more than that. The main purpose of an estate plan is to bring you peace of mind that the assets you spent your life acquiring will go to the people you love. Estate planning can help avoid family infighting and expensive court battles, help you minimize or eliminate tax liabilities, while creating generational wealth for your children and their children. Proper Estate Planning can also ensure that if a health issue arises, your needs, and the needs of your loved ones, will be met. It is a full-circle approach to protecting your assets for you and the ones you love.
30' Somethings Need Estate Plans Too
I meet a lot of younger couples with small children and almost every single couple I meet responds the same way when asked if they have an estate plan: No, they don't. Most have not even thought about it. That is terrifying to me. People in their 30's and 40's die all the time for various reasons. Heart attacks, car accidents, cancer... the list goes on. They still have "estates" that must be administered through Probate, just like their parent's generation. The issue is that most younger people refuse to think about what would happen if they passed away. It is time to change that.
Estate Plans Can Be Tailored to Your Family's Needs
Estate plans can be tailored for people of all walks and status in life to help them plan for the future. It does not matter if you are 30, 50, or 100, it would be wise to think about what would happen if you were to die today. It does not matter where you are in life, we all know that anything can happen. An experienced estate planning attorney will help you put together an estate plan that makes sense for you and your loved ones.
Think about it. Would the needs of your spouse or children be met? Do you know where all of your assets would go? What would happen to your business? If you do not have the answer to these questions, then you need to start putting some real thought into speaking to estate planning attorney. An experienced estate planning attorney will help you take stock of the property and assets that you currently own, and work with you to put a plan in place if, and when, something happens.
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