The answer is everyone. Many people feel they are too young or they do not have enough assets for a Last Will and Testament. Others may feel they are too healthy for a Health Care Directive or a Power of Attorney. Yet is it really ever too early to start planning for your loved ones’ peace of mind?
It is easy to think of estate planning as simply having a Last Will and Testament in place, but it is so much more than that. Having a properly planned estate ensures that not only will your needs and wishes will be met, but that your loved ones will continue to be cared long after you have passed. A properly set up Trust can provide money to your young child for their education once they reach a certain age. A Health Care Directive can take the burden of hard decisions off of your family during trying times.
While it can seem overwhelming, an estate plan is something that should be established sooner rather than later. Although there are “do-it-yourself” estate planning forms, they only cover the minimum requirements and cannot be customized. Based on the complexity of your estate, you may find that the DIY forms will not meet your needs. Establishing a personalized estate plan from the start will help avoid many headaches later on.
If you are not sure about whether or not an estate plan is right for you, your best option is to speak with an attorney. Take our quick quiz below to see if it might be a good option for you!
- Are you 18 years of age or older?
- Are you married?
- If yes to #2, do you own any separate property?
- Do you own any personal property?
- Do you have any children?
- If yes to #5, do you wish to choose a guardian for them?
- Do you own a home?
- Do you have specific wishes regarding the use of life support?
- Would you prefer to be buried or cremated?
- Do you wish to control the disposition of your assets?
- Do you wish to decide who will act as Personal Representative for your estate?
- Do you have any of the following: stocks, bonds, IRA accounts, bank accounts, or life insurance?
- Do you have any loved ones that require special needs?
If you answered yes to at least two of the above questions, you should consider beginning your estate planning process.
Please feel free to contact us today at (425) 450-5000 for help with all your estate planning needs.