When you think about estate planning, it may conjure up an image of an elderly wealthy couple meeting with an attorney to learn how they should distribute or dispose of their wealth upon their death. While estate planning is not generally associated with younger or middle aged adults, it is critical for this younger age group to be proactive in planning their estates.
If you are in your 20s or 30s, in the early stages of a new career, are planning to start a family, or are middle aged, there are many reasons why you should consult with an estate planning attorney at Lifetime Legal .
Four Reasons Young Adults and the Middle Aged Need Estate Planning
There are a few reasons why estate planning is nearly a necessity for singles or married adults in their 20s and 30s and the middle aged.
1. Long Term Care and Incapacity
You may not realize it, but estate planning is not just about the end of life. These documents may also have some bearing on how your life plays out. A comprehensive estate plan may also outline instructions in the event that you become incapacitated and others will need to make a decision for you.
2. Minor Children
If you have young children, you need to make sure they are properly provided for. In the event that you die while your children are still young, and especially if there is no other parent available, you do not want your children to become the wards of the court due to a lack of instructions.
3. Keeping the Peace
Many young people think that their lack of great wealth will not be of major concern should they die at a young age. Even the smallest of wealth may still prove much dissension in your family should you not leave instructions upon your death. This is especially true if you are in a committed relationship and your romantic partner is under the impression that they are entitled to part of your wealth.
4. Protecting Assets From Unforeseen Creditors
Asset protection planning is important not only for the old, but also for younger and middle aged adults who have any kind of assets. Unfortunately, once you know or even suspect that a lawsuit is on the horizon, it is generally too late to devise a plan to protect your assets. Having an estate plan in advance can not only protect your assets for your own benefit during your lifetime, but also for the benefit of your loved ones after your death.
Contact Us Today For More Information
Estate planning is not just for the old. To learn why and how estate planning could benefit you, call Lifetime Legal at (805) 419-5290 for more information or to schedule a complimentary consultation with an experienced estate planning lawyer.