A common misconception when it comes to estate planning is that you’re “too young” for estate planning. Unfortunately, this is completely untrue. Regardless of your age, there are numerous items to consider as it relates to developing an estate plan.
- Incapacity can occur at any age. Having an estate plan in place entails more than just signing a Will. Implementing a Power of Attorney and Health Care Directive can provide protection in case of incapacity.
- Controlling your assets. By failing to put an estate plan in place, you are leaving it up to the state intestacy statutes to determine who receives your assets. Most people prefer to choose who will receive their assets upon their death.
- Who will be there for your newborn? Creating a Will and naming a guardian is essential for anyone with minor children. Naming a guardian in your Will informs the courts who you would want to care for your children if something should happen to you and/or your spouse.
Stay tuned to FMJ’s Trust & Estates blog for more information on common misconceptions in estate planning.