You may not be near death as far as you know, but someone could suggest you have an estate plan in place. Why? You’re in good health, you’re young and you’re cautious during your everyday activities. Even still, there are a lot of reasons an estate plan should be something to consider.
Thinking About Your Children
While you don’t plan to die any time soon, accidents do happen, and you want your children to be taken care of should the unthinkable take place. Imagine you and your spouse are out on a date and are killed in a car accident. Do you know what would happen to your children? The court would decide, and it’s possible your kids would end up in the custody of the state. Your surviving family members may fight and argue with each other in court to try to get custody of them. If you create an estate plan, you can name guardianship for those children so they are well taken care of when you’re gone.
Helping Your Family Avoid Contention
Oftentimes when someone dies without creating an estate plan, the surviving family members contend with each other over who should handle the estate, who gets what and who should raise the children. If you can do one thing for your family after you die, it should be helping them to avoid that kind of contention. You can simply bequeath your assets to those you feel will be best suited to handle them, and you can name an executor of your estate so everything will be distributed fairly as you have stated.
Taking Care of Your Business
As a business owner, you’ll need to have a plan for the business if you die. Rather than your family having to deal with it, often without the knowledge it requires, you can leave your portion of the business to a business partner. If you do want to leave it in the family, particularly if you are the sole owner, you can set up something like a family limited partnership to help the transition flow more smoothly.
Preparing for Your Future
An estate plan also includes instructions on how medical professionals and family members should care for you in times when you are mentally unable to do so yourself. For example, if you are in a car accident and in a coma for months after the accident, your healthcare power of attorney would make all health-related decisions in your stead.
Contacting a Lawyer to Plan Your Estate
When you’re ready to take that next step in preparing for your future and your family’s future, it might be time to make an estate plan. Contact an estate planning lawyer in Melbourne, FL to start the process today.
Thanks to the Law Offices of Arcadier, Biggie & Wood for their insight into estate planning and why you should start an estate plan.