Estate planning is not only for the wealthy or elderly. Even young adults in Bedford can benefit from having an estate plan. After all, no one can anticipate when they will pass away and even a young person can suffer an incapacitating illness or injury. It is best to be prepared with a comprehensive estate plan.
What should my estate plan include?
An estate plan goes beyond having a simple will. While having a will, and perhaps a trust, is important as these documents dictate who is to inherit your assets and who is to be guardian of your minor children, if you have any, there are other estate planning documents worth considering.
For example, you can execute a medical power of attorney. This designates a person who will make medical decisions on your behalf if you are incapacitated, for example, if you are in a coma. Similarly, a financial power of attorney can handle your financial affairs if you are incapacitated. A living will can outline what kind of end-of-life care you want, which can be of great comfort to your loved ones who will not have to guess what your wishes are during a difficult time.
What happens if I die without an estate plan?
If you pass away without a will or trust, your estate will be subject to state laws of intestate succession. These are laws that outline who is to inherit in the absence of a will or trust. However, these laws may not match what your wishes would have been. In addition, the probate court will assign someone to be the personal representative of your estate. Your assets will be frozen during the time it takes to pay your creditors and distribute your asset, a process that could take years. It is best to be prepared with a comprehensive estate plan.
Learn more about estate planning
This post is meant for educational purposes only and does not contain legal advice applicable to any person’s specific situation. Those who want to learn more about the benefits of estate planning are encouraged to explore our estate planning webpage for further information.