People generally live very busy lives these days, and when you’re caught up in your day-to-day affairs time can pass very quickly. As a result of this you may have certain responsibilities in the back of your mind that wind up being consistently passed over as the twists and turns of life take place in the present. This is especially true when the responsibility in question could seem on the surface as though it is something that is only relevant to those who are getting up in years. Clearly, estate planning fits this description.
When you are relatively young and well the thought of planning for incapacity and eventual death can seem out of context. But the fact is that we watch news stories about people being killed in accidents every day, and young people also die of terminal diseases on a daily basis. Would your family be able to absorb the loss of your income if you were to tragically perish in a motor vehicle accident?
If you and your spouse were to be involved in a fatal collision while you were together in the car, who would care for your children? Have you made provisions for their financial needs should such an unthinkable event take place? As sad as it is, these things happen, and the people who are victimized did not wake up on that the fateful morning feeling as though it would be their last. Through a simple consultation with an experienced estate planning attorney you can address these questions and take steps to protect your family.
While it is true that elderly people are more likely to die than those who are younger, estate planning is not just for the elderly. It is for anyone who will someday pass away, and the truth is that nobody knows when that day will come.
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- Leaving Assets Can Be Tricky – Part 3 - August 13, 2020