Why You Need an Estate Plan Even if You Are Young - Save Your Family Thousands of Dollars and Spare Them Pain
This morning I woke up thinking about three situations in the recent past when I learned of young parents passing in their 30s. Although we never expect this to happen and no matter what, the pain is unbearable for the family and friends, I need to get the message out there that we can ease the financial burden and stress in these situations if we just plan ahead.
Even if you are young, here are the top 4 things I want you to consider about making a plan now:
1. Your Property Does NOT Automatically Pass to Your Family Outside of Court. Please understand that we want to review each and every piece of property that you own and make sure that it will pass to your loved ones without court or conflict. I encourage you to contact my office so that we are not leaving this up to chance. In my career and my personal life, I have seen too many times the costs of court and conflict. This applies to spouses as well. Do NOT assume that your spouse will automatically have access to bank accounts, financial accounts, cars, real estate, etc. if something happens to you.
2. Save Your Loved Ones Money. If you do not have a plan, your loved ones will likely be forced to file a lawsuit to gain the power to make decisions related to your healthcare and/or your property. We estimate that this can cost them 5% of the value of the property that must be dealt with in the court process. This can be thousands of dollars WASTED. Not to mention, court is slow, and you are at the mercy of a judge who will ultimately decide what happens to the most important people in your life.
3. Protect Your Children. Document your parenting decisions NOW. This ensures that your children are never taken into the care of strangers. It protects your kids from receiving a lump sum on their 18th birthday without any oversight on how to spend those funds, and it ensures that the people you have chosen have access to money to take care of your kids in the event something happens to you.
4. Give Your Family the Power to Take Care of You Without Court Involvement. If you are in an accident and cannot make your own decisions, you must have the legal documents in place that allow your spouse or other loved ones to make decisions for you. Without the proper documents, your loved ones will be forced to file a lawsuit to gain control of your healthcare decisions and your property. This is true for married couples as well. Any jointly title assets such as real estate will be frozen. Your spouse does not automatically have the power to sign your name. He/she must have a court order to do so or the proper legal documentation signed by you BEFORE the accident. Do not put your loved ones in the position of having to wait on a judge.
TAKE ACTION TODAY! Comment below, send me a message, or call us.
Reach out to me to educate yourself on the planning options available. Using tools like wills, trusts, powers of attorney, healthcare directives, and beneficiary designations, we can make things easier on those you love.
If you are ready to take action to save your family from the costs, stress, and emotional turmoil of a failure to plan (or an outdated plan that fails when you need it), use the following calendar link to book your Estate Planning Session: https://mklegalplanning.as.me/estate-planning-session
The choice of a lawyer is an important decision and should not be based solely upon advertisements. This publication is for informational purposes. Nothing in this publication is legal, financial, or tax advice. MK Legal Planning recommends that you consult with an accountant or other tax professional in conjunction with an attorney to form an advisory team. This publication does not create an attorney-client relationship with the firm or its attorney. © 2019 MK Legal Planning.