Although many people think that estate planning is only for the elderly and in some cases only for those who are married or have children, that’s not necessarily correct. While it may be true that the majority of younger people in the Lee County area do not worry about planning for their estate, the fact is preparing for life after you’re gone is important at any age.
Although single people, or those without children, may not think about estate planning, the fact is their assets and property will still be distributed one way or another when they die. If they do not take the time to make a plan, then they will have no say in how that happens. There are several options for distributing assets for those without a spouse or children, including distant relatives, or charitable organizations.
There are some important decisions to make, so there are some good tips to keep in mind when one is making these decisions. One should always plan according to his or her wealth and not age. It’s also important to think about having a healthcare directive as well as someone to make important decisions should one become incapacitated. It’s also a good idea to set up the right terms for any charitable funds one chooses to designate.
Estate planning is something that is easy to put off. Plus, most people really don’t like to talk about their own death. However, because life is so unpredictable it’s important to be prepared for anything. That’s why if you haven’t started your estate plan, then you might want consider starting now. If that is the case, then you should probably contact an experienced estate-planning attorney as soon you can.
Source: Reuters, “Estate planning for the young, rich and childless,” Beth Pinsker, June 2, 2014.