This afternoon I have a young client coming in. In fact, she just celebrated her 18th birthday. So you may be asking yourself, why would a young woman need to come see an estate planning and elder law attorney shortly after her 18th birthday?
The reason: because her deceased father didn’t do any estate planning, now his 18-year-old daughter has to handle getting his affairs in order. Perhaps that sentence is a little blunt, perhaps even harsh. Yet, it is also true.
An Estate Plan serves as a blue print for you and your family. It puts you in control. Yet, without it, you may leave a mess that your loved ones have to sort out.
As so often is the case, the father in this scenario didn’t have a great deal of wealth. By most economic standards, he would have been considered lower middle class. Yet, regardless of one’s wealth, there are a few foundational estate planning documents everyone needs: A Durable Power of Attorney, a Healthcare Directive, and some type of transfer instrument like a Will or Trust. By not having these, the little property he did pass on to his children created a legal mess… complete with underage beneficiaries, unintended beneficiaries, and completely unnecessary court costs and probate fees.
Planning is better – not only for you, but especially for your loved ones.