ESTATE PLANNING IS FOR EVERYONE
May 1, 2017
While many in Missouri and across the nation may think of a will as something for the elderly to worry about, the truth is that estate planning is a good idea for everyone, regardless of age or marital status. The New York Times reports that more than 50 percent of American adults do not have a will, which means that if one is to die, his or her estate would go into probate, which can leave room for funds to be ill-used, leaving less to relatives who could otherwise benefit.
Yet, as Forbes explains, creating estate plans is about more than making sure assets aren’t a victim of misuse, and a will sets the framework of a person’s final wishes. For many, this includes health care decisions, this can mean appointing a power of attorney in the case of incapacitation, or it can be more generally about resuscitation instructions. End of life costs, including the cost of burial or cremation, are something to consider as well. Although life insurance can cover these fees, those who do not have dependants relying upon them often forgo purchasing a policy.
Estate planning also provides an opportunity to decide who should inherit assets. This accounts for large purchases or investments, such as a home or 401(k), but it also allows for the chance to bequeath sentimental objects to the person who would most appreciate them. This may be especially important if there are any family issues, such as divorced parents, that could complicate matters after an unexpected death. While thinking about these issues may not be fun, it does indicate to loved ones that a person cares enough about them to provide a contingency plan.