If you are a self-supporting adult and you do not have an estate plan in place you may want to ask yourself a very simple question: why? The reality is that estate planning is something that you don’t do for yourself; you do it good for the well-being of the family that you will be leaving behind when you pass away. While it is true that the average lifespan in the United States right now is 78.4 years, this is the average, it is not a guarantee. People pass away every day at all ages, and death is simply something that is an inescapable aspect of the human condition. Clearly no one invites death, but it is inevitable and something to be practically and intelligently prepared for with the well-being of those that you love in mind.
Even young single people should at least have a simple last will in place along with their advance health care directives. If you were to suffer a sudden catastrophic illness or become incapacitated due to an accident would you want to be kept alive via the use of feeding tubes or some other form of artificial life support indefinitely? There is no right answer, but it is important for you to assert your wishes whatever they may be so they can be honored should you become unable to communicate them for yourself at some point.
Once you get married and have someone depending on you it is essential to have an income replacement vehicle in place so that your surviving spouse would be to able to maintain his or her standard of living. When you become a parent, your estate plan must include a carefully selected guardian and a means of financial support for your children.
Put simply and succinctly, estate planning is something that all adults must engage in for the well-being of their family members. It is one of the basic responsibilities of adulthood, nothing more and nothing less.
- What Is the Best Way to Plan for Incapacity? - September 17, 2021
- What Is an ILIT? - September 14, 2021
- Estate Planning for the Beginner - September 3, 2021
