Am I Too Young To Have A Will?

I can't explain how many times I've been asked this question. It's actually a really good question, and the answer is not a simple Yes or No.

Many people tend to think: "I'm way too young to be thinking about death, and I don't even have that much so my situation is simple." This can be a very costly mindset. Even if you're not too sure about the benefits of setting up a Will or an Estate Plan (And lucky for you: we've outlined some of the benefits of them HERE ), you can think of setting up a will as a way to obtain "peace of mind". This peace of mind is your ticket to knowing that even if the worst should happen, you have prepared and made it as easy as possible for your loved ones.

Obviously, nobody knows exactly when something bad will happen to them or a loved one, but as far as Wills and Estate Planning go, "It's better to be safe than sorry".

This isn't supposed to be a scary blog entry, instead it should be seen as more of an eye-opener as to how simple it can be to protect your loved ones should the unthinkable happen. If you are still unsure, ask yourself 3 questions (Tip: the 3 rd question is the one most people don't realize is necessary):
  1. Do I know who I want to take care of my kids or other loved ones who are dependent upon me when I die or become disabled?
  2. Do I know who I want to take care of me if I become disabled? (Note: a Will won't help you with this but a health care power of attorney combined with a living trust or durable power of attorney can).
  3. Have I created the instructions required by the Courts to ensure that the person I want in charge of taking care of me and/or my loved ones can do so without costly and time consuming court approval?

So, the lesson here is that it's never too soon to meet with an estate planning attorney, and if you would like to learn more about the benefits of estate planning, contact us at (203) 880-9980.