One of the biggest myths about estate planning is that young couples or young families simply don’t need it. “Wills are for people my parents’ age!” is a common refrain. However, there are many reasons people under 50 should have basic estate-planning documents (people over 50 should have them, too, of course). Having a plan helps prevent disputes and eases the decision-making process for your loved ones during a difficult time. It also can minimize or eliminate your estate-tax liability.
You should consider an estate plan if you:
- Have children and/or grandchildren.
- Have an elderly parent or family member with special needs.
- Own property, such as a house or a car.
- Have assets in investments, bank accounts or retirement plans.
- Own a business.
- Have family heirlooms.
Estate planning is about more than protecting your assets and property for future heirs, though; it’s also key to protecting your own interests if you are ever incapacitated.
There are many options to consider, and each document must be properly prepared to withstand challenges and remain effective. That’s why it’s so important to work with an experienced and conscientious attorney, one who won’t sell you a cookie-cutter plan—because when it comes to estate planning, one size doesn’t fit all.
Simple estate plans are great for individuals or families who wish to leave their entire estate to one or more persons.
These plans do not include: estate-tax planning, specific or charitable bequests (except for general bequests of tangible personal property), trust creation/trust administration outside of trusts for pet care.
Includes, per person:
- Last Will & Testament
- Community Property Agreement (couples only)
- Financial Power of Attorney
- Medical Power of Attorney
- Advance Directive (“Living Will”)
- Mental Health Directive
- HIPAA Waiver
- Memorial Instructions
- Pet Trust or Pet Protection Plan