“I am too young to need an estate plan.”
I hear these words regularly in my office. Unfortunately, the truth is that every 18 year old needs an estate plan. We all know that person who died “too young”. Whether the death was the result of a blood clot, heart attack, stroke, heart dysfunction, car wreck, or senseless violence, we all know someone who died too young.
I regularly this and a number of other false assumptions:
1.) I am too young.
False: if you are over the age of 18 you need an estate plan.
2.) Everything will go to my parents or everything will go to my spouse.
False: it depends on your family make-up and those who survive.
3.) My family all get along and they will be able to make decisions jointly.
False: Unfortunately, more likely than not, this is also false. After a tragedy, emotions are high and the sentimental value of even the smallest relic may cause disagreements, frustrations and complications.
Each person should consult with an attorney and assure they have set forth their wishes regarding:
1.) Who will make medical decisions if you can’t?
2.) Who will make financial decisions if you can’t?
3.) Who will receive your assets if you are deceased?
4.) Where do you want your remains put to rest?
You are someone’s daughter/son, granddaughter/grandson, niece/nephew.
You are someone’s loved one and someone’s friend.
Maybe you are someone’s mother/father or brother/sister.
For each of them, for those you love, ensure that you have an estate plan in place. This year, to help everyone get the most access to ensuring you have an estate plan in place, I will offer numerous free estate planning seminars to answer questions on how to get these documents in place. Please check back frequently for dates on these events and ensure for your loved ones that you have your estate plan in place, as you are never too young!
