We all may not know how important estate planning really is, but many may be confused by the process, think it costs too much or just think we do not have to worry about it yet. Here are some tips so you can choose the best plan for whatever stage of life you are in. Once you understand what needs you may have, you should contact one of our experienced estate planning and probate lawyers with the Higgins Firm.
- If you are younger than thirty
At this stage in life, you probably haven’t given much thought to estate planning. If you do not have many assets, you may be able to get away with not having a will yet, but if you are already making a substantial amount of money or have several assets, then you should think about having a will drafted. Accidents can still happen and this way you make sure that your family is taken care of and your property gets divided according to your wishes.
- Living unmarried with a significant other
If you want to live with a significant other or partner but remain unmarried, then you should really have a will drafted. If you die without having a will, your significant other may not get any money or property after you are gone, and it may have to go through probate. Your property and other assets most likely will go to your parents or siblings instead.
- If you have children that are minors
It is really important to draft a will if you have children. This way you can appoint a guardian of your choosing for your kids and decide who gets your assets and property. If you do not have a will, your children may be appointed a guardian by the court. It is also a good idea to invest in some life insurance if you have children. This enables them to be taken care of in the event of your death.
- Middle Aged
If you have reached this stage in your life, you may have property, assets, children or even grandchildren that you want to take care of. You may have already considered a will or some other form of estate planning such as a trust. It is important to remember, though, to update your will or trust every few years as your life may change.
There are many factors to consider for you and your family when trying to decide on the best estate plan. These tips can help you get a general idea of what you should be thinking about. If you have more questions or want to have a will drafted, you should speak to one of our knowledgeable estate planning attorneys with the Higgins Firm. We will help you decide what plan will be beneficial for your family and your needs.
Feel free to contact us online or by calling 800.705.2121 to discuss your legal options.