Living Wills: It Is Never too Early to Think About Your Will

Living Wills: It Is Never too Early to Think About Your Will

If you think about wills as being the vehicle of older adults and the wealthy, then you aren’t wrong, but you are only partially right. While having a will is crucial for those who are older and those who have a lot of assets to pass on to beneficiaries, these aren’t the only people who can benefit from a will. Those who are younger should also consider an estate plan. Here are three reasons why it is never too early to start thinking about a living will.

Accidents Can Happen

You can’t predict the future. In the unlikely event that you are in an accident that incapacitates you or kills you, you need to have preparations in place. No one wants to think about the possibility that something could happen to them. Unfortunately, there is a time and a place for those kinds of thoughts. It’s better to be safe beforehand than to have no preparation in place.

Dependents Need Reassurance

If you have any dependents, your will can be a reassurance that they are taken care of. If something happens to you, who is going to make the financial decisions? What happens to your assets? Can you ensure that your dependents have what they need? The only way to be sure that all of your finances are taken care of after you die is to have a will in place. This provides you with control over what happens to your assets, money, and more. You can decide what goes to your dependents and how it provides for them.

Children May Need a Guardian

If you are the only parent in your child’s life or if something happens to both you and the other parent, you need to be able to appoint a guardian. If you do not appoint a guardian, then your state will use its laws to dictate who can care for the child. In some cases, if no one volunteers or there is no family member available to care for the child, he or she could end up in the system. By having a will, you can avoid your children going into the system. You can choose someone that you trust.

It is never too early to have a living will. When you work on an estate plan in advance, you will have more peace of mind. To find out how to create a will, contact a lawyer, like an estate planning lawyer from Yee Law Group, as soon as possible.

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