Far too many people are remiss when it comes to estate planning, and this is largely due to a lack of information. In this blog post, we will look at some things that everyone should know about estate planning.
Not Just for Seniors
A lot of young adults have heard of legal documents like wills and trusts, but they tune them out. They look at estate planning as something that is only relevant to senior citizens.
In fact, nothing could be further from the truth. Some people who understand the facts would say that estate planning is more important for younger adults than it is for seniors.
The modern family generally relies upon two incomes. If you are married, it is very likely that your spouse is relying on you financially to one extent or another. What would happen if one income was to vanish due to a horrible accident or catastrophic illness?
The emotional fallout would be considerable, but in the aftermath, the surviving spouse could be in a very difficult financial position. If you create an estate plan that includes income replacement, both partners would be protected come what may.
When it comes to young parents, the stakes are even higher. Your children are relying on you for support, and you should take this very seriously. If you put an estate plan in place, you could nominate a guardian to care for the children if a guardianship was to become necessary. You could also make sure that financial resources would be available to support the children.
Reacting to Circumstances
There is more to estate planning than the creation of a last will. This document can be useful for some people, but other options are available to you. A last will is not going to be the best choice for many people.
Different types of trusts can be used depending on the circumstances. You should understand the facts, explore your options, and utilize the appropriate vehicle or vehicles of asset transfer.
A well constructed estate plan will also address possible latter life incapacity. When you look at the facts, you see that a significant percentage of elders become unable to make sound decisions at some point in time.
You could execute legally binding documents that empower hand-picked decision-makers to handle your affairs if you were to become incapacitated at some point in time.
Obtain More Detailed Information
If you would like to obtain more detailed information about the importance of estate planning, we have a valuable resource that you can access through this website.
Our firm has prepared an in-depth report on the subject, and it is absolutely free. To get your copy of the special report, visit this page and follow the simple instructions: Grand Forks ND Estate Planning.