You may be among the many people who believe creating a will or estate plan is only something the extremely wealthy or older individuals need to do. The truth is that this is just not the case.
Today, it is more important than ever before to have an estate plan created – and doing this sooner rather than later is highly recommended. Knowing some of the benefits of creating these documents can help you see why it is a good investment of your time and money.
Have control of where your assets go
You need to have a will or estate plan in place to know if your assets will be distributed based on your directions after you pass away. If you die before creating these documents, the court will appoint an executor to your estate. This person will determine how your assets and money are distributed. The individual appointed may not be the person you would choose to do this.
Name the guardians for your minor or dependents with special needs
If you have minor children (those under age 18) or are the guardian of a child or adult with special needs, and something happens to you and their other parent or guardian, you need to have a designated guardian in your estate plan. If you do not make this decision and create a legal document with your wishes, the court will decide on this, too.
Protect your wishes with an estate plan
People of all ages can benefit from having an estate plan. Be sure to learn the proper process and your legal rights to create an estate plan to ensure your wishes are known and carried out after you pass away.