Am I Too Young to Worry About Estate Planning?
February 3, 2020
Many people understand the need to plan for what will happen to their family and possessions after they die, but they believe that the time and place to think about that is far in the future. Unfortunately, a fatal accident, injury, or illness can occur at any time and any place – even when we’re young and full of life. It is because of this reality that if you’re an adult, there is no age that is “too young” to begin estate planning.
Less Than 40% of Parents with Young Children Have an Estate Plan
One of the major goals of estate planning is to ensure your family will be taken care of in the event of your death. If you have minor children, failure to have an estate plan could mean that they may not receive the care or support you would have intended for them. A Will nominates a legal guardian for your children in the event of your death—without this nomination, the court will appoint a guardian, who might not be the person you would have wanted to take care of your children, and make medical, educational and other life decisions for them.
A Will also appoints a Trustee to handle the assets that your children inherit and can determine when they get control of those assets. If you have determined this in your Will, the court will appoint a Trustee (and often a court-appointed Trustee gets paid a percentage of those assets as a commission) to handle these assets until your child or children turn 18. At that young age, they would have full access to all of their inheritance assets—to spend as they wish, without a Trustee to give them guidance on how to navigate the vital financial decisions they may face as young adults, including, paying for college, buying a house, paying for medical care, and financial decisions relating to getting married or having children of their own.
To ensure your children get the support and care they need when you are no longer here to care for them, consider getting the process started today with an estate planning lawyer.
You’ve Earned Your Assets, So Keep Them Protected
If you’re someone in your 20’s or 30’s, you may not yet fully grasp the value of your own assets. Student loans and other debts may be keeping you from the realization that your cars, family heirlooms, real estate, and other possessions have value. Take a few moments to list out your possessions and consider how you would feel if they were tossed away upon your death.
Are there family members or people close to you who would benefit from inheriting those assets? Wouldn’t it be better for the value to be gifted to someone you love? Estate planning gives you the opportunity to state your wishes regarding the distribution of your assets after you die, ensuring your assets are transferred to the people you love.
Don’t Forget About Your Digital Assets
With decades of technological advancements and the ever-increasing popularity of “going digital”, our possessions are no longer limited to physical, tangible items. Chances are you’re already documenting most of life’s biggest and most memorable events via a digital device, like a smartphone or tablet. Preserving these images that are of such significant importance to you and your family is important, and ensuring they end up in the right hands after your death can be taken care of with proper estate planning.
Compassionate Legal Help in Estate Planning from DK Rus
DK Rus understands that it can be difficult to imagine what your family will go through in the event of your death. She knows the personal and sensitive nature of estate planning and is here to offer compassionate and effective legal aid in every aspect of the process. If you’re ready to start estate planning, contact our offices in Carroll County and Baltimore County, MD today.
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Baltimore County Legal Service: All of Baltimore County, including Freeland (21053), Glen Arm (21057), Hampstead (21074), Hunt Valley- Cockeysville (21030), Hydes (21082), Kingsville (21087), Middle River (21220), Monkton (21111), Owings Mills (21117), Parkton (21120), Perry Hall (21128), Pikesville (21208), Reisterstown (21136), Sparks (21152), Timonium-Lutherville (21093), Towson (21204, 21286), Upperco (21155), White Hall (21161), Windsor Mill (21244), and more.
Carroll County Legal Service: Eldersburg (21784), Finksburg (21048), Hampstead (21074), Manchester (21102), Marriottsville (21104), Taneytown (21787), Union Bridge (21791), Westminster (21157, 21158), Mount Airy (21771), New Windsor (21776), Sykesville (21784), Woodbine (21797), Taneytown (21787), and more.