ESTATE PLANNING IS A GOOD IDEA FOR YOUNG INDIVIDUALS

Many young Texas residents may think that estate planning is not applicable to their lives. However, if you are in this category, you may want to talk to someone about making potential arrangements. There are many benefits for individuals–young and old.

Sources say that younger people tend to feel that there is no specific need for estate planning. Nevertheless, legal professionals feel that it is a good idea for younger adults to work up a will. They add, at a minimum, individuals need to name a guardian for their children.

Young individuals should ask the following question: What would happen if I passed away immediately? If you have children and you do not name a guardian for their care, if you were to pass, a random judge would assign a guardian to your children.

In addition to naming guardians, experts suggest young parents should consider financial repercussions of an unanticipated death. For example, if something happens to a spouse in a younger family, there are income needs that need to be figured out for remaining family members.

Ultimately, if you die without a will, the state will essentially make one for you. While this may work out for some individuals, many people have inherent plans for their assets after they die. For this reason, if you do not have a current estate plan, you may want to begin to formulate one-especially if you are unfamiliar with the probate rules of your state. Remember, probate systems vary significantly across the nation.

Source: Cleveland Jewish News, “Estate planning wise at almost any age,” Michael C. Butz, March 15, 2012