Posted on: 6 August 2015Share
If you're like most people, you may assume that you have no need for an estate plan. You may think that you can do your planning later in life, once you have a lot more money and planning needs. The truth is, most people need to have an estate plan in order. Take a look at the following information to better understand the reasons as to why you need a proper plan in place.
You're Heading to College
When you're 18 years old, it may seem like the last thing that you need is an estate plan. This isn't the case! If you want to make sure that your parents can have access to your medical and school records in the event of an emergency, an estate plan is needed. Many people assume that their parents will always have access to these things, but that's not the case once you're legally an adult.
You're a Newlywed
If you're just starting your life together as a married couple, you're likely excited about the future. You may be so wrapped up in your new life that you forget to think about proper legal planning. It's important to sit down together and outline your estate planning goals so that you're protected if an emergency occurs. For example, if your partner is incapacitated, you want to have proper powers of attorney documents in place so that you can legally handle his or her financial affairs and medical affairs.
You're About to Have a Baby
Bringing a child into the world can be an amazing experience. You're likely counting down the days until your child is here as you continue to get the nursery and home together. One thing that you don't want to forget to do is handle your estate planning needs. Creating a simple will with help from an attorney, can make it possible for you to appoint a guardian to care for your baby, in the event that both of you were involved in a serious accident. This can be an upsetting thing to think about, but it's essential that you have a plan in place so that your minor child is always cared for.
As you can see, estate planning is essential at all stages of life. No matter what new event you find yourself going through, you need to remember to plan accordingly. If you have any questions, or if you're ready to discuss your planning goals, contact a will and estates planning attorney.