Estate planning is unique in that most people recognize it as necessary and still try to avoid it as much as possible. People understand that estate planning is beneficial for a broad range of reasons, but they may still find excuses to procrastinate. They may claim that they don’t need an estate plan yet. Unfortunately, procrastination often culminates in people dying without any documents on record.
How can adults decide when they need to draft an estate plan?
Young adults may need support
People often think of estate planning as a middle-aged activity. Young adults who have just turned 18 may need an estate plan. Their parents cannot oversee their medical care or manage their finances in an emergency. They need powers of attorney and advance directives in case they have an emergency.
Additionally, their closest friends or romantic partners may not receive anything from their estate if they die without a plan in place. Most people benefit from establishing an estate plan as soon as they become legal adults.
Parents and property owners need to think about the future
For many people, concerns about others are the incentive to establish estate plans. People who get married or have children want to plan for the care of their dependents. People with valuable property may want to ensure that the right individuals or charitable causes inherit those resources.
Generally speaking, anyone with immediate family members who depend on them or valuable assets may want to consider establishing an estate plan. They may also want to update their documents regularly to ensure that they remain accurate as personal circumstances change.
Sitting down to review an existing estate plan or discuss personal estate planning goals with a skilled legal team can help people take control of their circumstances. A thorough estate plan can provide people with protection and peace of mind.