Who Should Have an Estate Plan?

 Posted on June 29, 2022 in Estate Planning

If you are a competent adult, you should have an estate plan. Whether you are single or married, a parent or childfree, healthy or ill, young or old, you need an estate plan. Life is unpredictable. As much as we all wish that only elderly people in poor health passed away, we know that this is not the reality of life. No one knows when they will pass away or become incapacitated. Having both a testamentary plan and an incapacity plan in place can help reduce the distress your loved ones will experience should the worse come to worst. Doing this type of planning can also help ensure that your personal beliefs and wishes would be respected should you find yourself in a situation like a coma where you could not speak for yourself. Our lawyers can work with you to help you decide which documents you need given your current personal situation.

The Benefits of Estate Planning for All

Thinking about what your closest loved ones would go through if you were to pass away unexpectedly is not comfortable for anyone. Thinking about what you might go through if you were alive, but incapacitated, is not comfortable either. However, once you have an estate plan in place, you can stop worrying about these unlikely events, knowing that you and your loved ones would be protected. Benefits of making an estate plan for all include:

• Deciding property distribution - Even if you do not own much of any valuable property, many of your possessions are likely to hold significant sentimental value for your loved ones. You know that you would want the friend who was with you when you caught the ball at a major league game to keep the ball if you passed away, but the person who would likely inherit your estate by default may not.
• Reducing distress to loved ones - Having a strong estate plan in place can take some of the burdens of dealing with your property off your loved ones if the unexpected happened. With an estate plan, they are likely to have an easier time distributing your property. This way, they will also have the comfort of knowing that your wishes are being respected instead of having to guess what you would want.
• Incapacity protection - Many adults have strong opinions about what they would want were they to be left in a permanent vegetative state or experience another form of mental incapacity. Documents like a living will and powers of attorney allow you to make certain decisions in advance.

It does not take all that long to form an estate plan for most people. If you find it unpleasant, we can help you accomplish the task expediently so that you can go back to much happier thoughts, assured that you and your loved ones are protected.

Call a California Estate Planning Attorney

Law Office of David Schechet is committed to helping people protect themselves and their loved ones through estate planning. Our compassionate L.A. County estate planning lawyers can help you express your wishes in legally binding documents so you can rest assured that they will be followed. Contact us at 800-282-4731 for a free consultation.

Source:

https://www.forbes.com/sites/financialfinesse/2015/08/20/young-people-need-estate-planning-too/?sh=25ef17071144