Estate planning is often dealt with the same way as retirement. It’s not something that’s considered by adults until they’re in their mid 40’s or older. The idea of securing your future and safeguarding your assets for your loved ones is a concept that seems pointless until you’re up in age. Most individuals in their 20’s and 30’s, are too busy trying to survive the present and live in the moment that no attention is given to the future.
“What’s the point of planning an estate when you’re broke or have very little to offer?” Seems like a logical way of thinking, yet estate planning isn’t about how much money you make, houses you have, or cars you drive. It’s about securing the assets you do have for those you love most. Below, are a few reasons why it pays to work with legal experts like those at Lawyer in Blue Jeans to plan your estate.
Life is Unpredictable
Life can change in the blink of an eye. It’s precious and could leave you here today and gone tomorrow. There’s no clock telling you when time is running down. So, the sooner you start planning your estate, the better it is for everyone involved.
Divide Your Assets
At the time of your passing, everything you own goes up for grabs. Without a proper last will and testament in place, how does your family decide who gets what? While there are laws that state that certain assets are automatically provided to the next of kin which can include your spouse or children, things can still get messy. Not to mention, it could all end up becoming the property of the state.
Writing a will, which is a very essential part of the estate planning process saves everyone the hassle. It clearly states your last wishes allowing your loved ones to obtain the assets you have set aside for them and keeps the legal system out of it (unless absolutely necessary).
Choosing a Guardian for Your Children
Though the hope is to live until you’re old and gray and your children are successful adults, the truth is you can never be certain. Should you pass while your kids are still young, you’ll need another adult that you trust to care for them. This is a decision you want to make for yourself as not everyone can be entrusted to raise children. You don’t want your children split up amongst family nor do you want them to end up in the legal system.
Estate planning gives you an opportunity to express your wishes for your children after you’ve passed. You can designate a guardian in your will and provide them with the necessary legal documentation so that they’re protected against any legal battles. You can also iron out specific desires for the children as it pertains to their upbringing and designate someone to oversee the funds left for your kids to ensure they get the life you always hoped they’d have.
Lots of 20 year-olds are starting small businesses these days. Should something happen and you become unable to run the business anymore, who would take over? Would you rather it be liquidated and sold to provide for your loved ones or perhaps passed down to your kids when they’re old enough to manage it?
In estate planning, business succession steps can be taken to ensure that when the time comes (retirement, illness, disability, or death), the process runs smoothly. It securely and legally gives your beneficiary permissions to take over in your absence so that your family can continue to make a living on the foundation you’ve built.
Life is something everyone hopes to live happily for a very long time. Yet, life is very unpredictable. Thinking about life after you’ve passed away or are incapable of operating the same (severe illness or disability) isn’t something you want to dwell on, but it needs to be prepared for. In order to see to it that everything goes smoothly for those who survive you, you need an ironclad estate plan in place. If you haven’t done so already, now is the best time to start.