By definition, estate planning is a process designed to help you manage and preserve your assets while you are alive, and to conserve and control their distribution after your death according to your goals and objectives.
Let’s talk about your last will and testament. No matter your age or health, you do need a will to ensure that your final wishes are adhered to.
Young and Single
If you are currently young and single, complicated estate planning is probably not necessary. But if you do have some material possessions a will is in order. If you don’t have one in place, everything you leave behind you will likely go to your parents and that may not be what you really want. You may have a close friend, sibling, or significant other that you want some or all of your possessions to go to.
Married With Children
If you are married and have children, you and your spouse should both have wills. For you, wills become a tool that allows you to name a guardian for your minor children in case both of you die simultaneously. If you fail to name a guardian in your will(s), a court may have to decide with whom your children live. Your children could potentially wind up in a home that you never wanted them to live in.
Unmarried Couples
You may be committed to a life partner but aren’t legally married. In this instance, a legal will is essential if you want your property to pass to your partner at your death. Without a will, most state laws directs that only your close relatives can inherit your property and your partner may wind up with nothing at all and may be force to leave the home that you currently occupy. If you share property such as a home or a vehicle, you may want to consider owning these things jointly. In this fashion, if you die, the jointly held property will pass to the surviving partner automatically.
Talk with your family about your wishes and make sure they have copies of your important papers or know where to locate them.
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