Just about everybody knows that they should execute estate planning documents at some point in time. But, a significant percentage of people think that this is something that you only have to concern yourself with after you reach an advanced age. Of course it is true that older people pass away more frequently than young people, and the average lifespan right now is 78.7 years. However, that is in fact an average. Many people live well beyond that age, and unfortunately, there are those who die before their time.
Since you never know what the future holds, estate planning is important for self-supporting adults of all ages. As soon as you get married and have children and people are depending on your income, estate planning becomes truly essential.
If your income was to suddenly disappear, where would your family be financially? This is a question that you have to ask yourself, and if you have not made the appropriate preparations to make sure that there are income replacement vehicles and a choice of guardian in place now may be a good time to consider doing so.
The recent death of Amy Winehouse sheds light on why it is so important for people of all ages to have an estate plan in place. Winehouse was an extraordinary talent, winner of five Grammy awards and a woman who was credited with reviving the British music scene and paving the way for subsequent female artists.
Because Winehouse appeared to the public to be someone who lived in the moment, it could be natural to assume that she did not have her affairs in order. However, she did in fact have an ironclad estate plan in place, and her brother and parents will be inheriting her $16.4 million fortune. For Winehouse, estate planning was especially important because due to British law her former husband could have been in line to assume ownership of her assets.
Estate planning is something that is relevant to all of us. If you do not currently have an estate plan, simply contact an estate planning attorney to arrange for a consultation so that you can get started planning for the future.
Alan Augulis, Estate Planning Attorney
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