Even if you’re not a millionaire, that doesn’t mean you shouldn’t have a valid estate planning document upon your passing. However, according to LegalZoom, only 33% of American adults have created such planning documents. Unless you want to see your hard work be in the hands of the state, you should do your due diligence to ensure your heirs, such as your family, friends, or charity, inherit whatever you’ve left behind upon your death. Here are some reasons why it’s time to start contacting local estate planning lawyers.
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1. Age
Maybe you’re getting older and realize you don’t have an official document naming your heirs. While each year you live is a blessing and means you’re having a long life, it’s also one more year you don’t have your assets in order. Whether you’re middle-aged or a senior, if you don’t have a will or trust, today is the day to solve that problem. However, don’t think that estate planning is only for older people. Even if you’re in your 20s, if you have a bank account or a home you want to ensure goes to people you love, you need to spell that out so it doesn’t fall into the wrong hands. After all, there’s no guarantee every adult will reach their life expectancy.
2. Illness
The COVID-19 pandemic showed the world that illness can strike anytime and devastate families overnight. Of course, COVID isn’t the only ailment to worry about. Chronic diseases such as heart disease and diabetes are more common around the world, including in the United States. Of course, various forms of cancer can strike anyone at any age. If you’ve been diagnosed with a terminal illness or a chronic one that has reduced your quality of life, there’s no better time than to create or update your estate planning documents.
After all, meeting with estate planning attorneys isn’t just to discuss your assets. You may also need to name someone as your power of attorney or medical spokesperson. That way, if you become incapacitated or need someone to have a conservatorship over you, you can name someone you trust while you’re still of sound mind and body to do so.
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3. Marital Status
If you’ve recently gotten married or divorced, you may need to update your existing estate planning document or create a new one. Were you previously married, and is your former spouse your main beneficiary? You should also update that to avoid problems if your spouse becomes a widow or widower.
4. Family Additions
The addition or loss of a spouse isn’t the only consideration to make. Once you start having children or grandchildren, you should also name them beneficiaries. You may want certain assets split equally or make certain provisions based on character and reliability. In other words, you may understand that certain heirs may be more responsible than others if you leave them a house or a lot of cash.
In the case of minor children, you may have certain provisions for them to receive their inheritance by a particular age. You can appoint a guardianship in case something were to happen to you. That way, you would have confidence that your child’s inheritance would be protected if you were to die before they grow up.
What about your pets? It’s no secret that Americans love their pets, especially dogs. If you want to ensure your dogs, cats, or pet rabbits are in good hands, you can also name your animals in your estate planning documents if you pass before they do. Have estate planning attorneys make provisions for your animals to go to a trusted friend or family member.
5. Asset Collection
Has your asset collection grown over the years? Maybe you’ve gone from a sparsely decorated apartment to a life with a large house filled with valuable artwork and jewelry. Do you have a couple of luxury cars you want to give to a special friend or oldest child? Are there unique antiques you spent a lifetime collecting, such as 1920s lamps or watches? If so, you’ll want to make sure to include these special items in your planning documents to ensure they find a safe home.
As you can see, meeting with estate planning lawyers can ensure your lifelong earnings, assets, and property go into the right hands. Most importantly, you know your loved ones will be well cared for after your death. To get started on protecting your assets and family, contact us at Nelson Elder Care Law today for a consultation.
