In our opinion, everyone needs to go through the exercise of estate planning. With that said, it’s particularly important for some groups of people to plan their estate. Here are, in our opinion, the most important groups.
Why Families with Young Kids Need Estate Planning
Everyone is busy, but parents with young kids especially have their hands full. Young children require a lot of attention teaching them how to play nicely or just taking them from one place to the next.
On top of that, these parents have other things going on - work, social time with friends, school, exercise, etc. That’s why it’s often said “it takes a village to raise children.” Parents need help, they can’t do everything on their own.
When one parent passes away, now all of those responsibilities previously shared by two people fall onto the shoulders of one. Not only that, but they have to pick up these additional tasks while grieving the loss of their spouse.
If both parents pass away, things become even more challenging. The kids now need to be placed under the care of someone else such as a family member or close family friend.
This is why estate planning is so important for young families. It ensures the financial assets end up in the right hands and are used in the best interest of the children. It also gives the parents more control over who gets the kids in case they both pass away.
Why Seniors Need Estate Planning
While it’s not something anyone likes to think about, the reality is nobody will live forever. Senior citizens are well-aware of this, as most of them have experienced the death of friends and family members multiple times throughout their lives.
Statistically, senior citizens have a lower chance of living for another 10-20 years than someone in their 30s or 40s. Our bodies continuously break down as we get older, which is something everyone accepts at one point or another.
Estate planning is so important for seniors because their health is more at risk. It’s important to have senior citizens have their affairs in order, even if they do not have a lot of health problems. If they pass on without an estate plan in place, someone else will determine what they believe was in the interests of the deceased. Nobody knows what you want as well as you do, so it’s best to get the estate plan in writing. This eliminates any guesswork involved and makes sure your assets are managed the way you wanted them to be. Also, this can place less stress on your loved ones during an already difficult time.
Why People with Health Conditions Need Estate Planning
If you have a serious health condition, we recommend you get your affairs in order just for good measure. For example, maybe you were born with diabetes or developed it as you got older. Or maybe your family has a history of heart disease or cancer. If anything were to happen to you, you want to be sure your loved ones are taken care of the way you would want them to be.
An estate plan is recommended to protect your assets and family during life’s uncertainties.
While we highly recommend these specific groups have an estate plan, we recommend that everyone puts one together. Give us a call at 714-663-8000 and we can help you get started. We look forward to helping you.
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