Do You Need An Estate Plan?
An estate plan is something you create to protect your family in the future. The only time it matters is when you die, as this is when your family will look at your estate plan to determine how to proceed. But, do you need one? Some people might not need an estate plan, but the truth is that most people do. So here are several questions to ask yourself to determine if you should have one.
Do You Have Assets?
Assets are things you own that have value. They can include cash, a house, cars, and other highly valuable items. Do you have anything that falls into this category? If you do, what will happen to these items if you died out of the blue? If you die without having a plan in place, the court gets the choice of what to do with your things. Unfortunately, the court might not know who you are or your situation. As a result, they might transfer your things to the wrong people. If you have assets, you need an estate plan, unless you do not care what happens to your things when you die.
Do You Have Children?
The second question to ask is about kids. Do you have any? If not, you might not need an estate plan as much as someone who has kids. When you have kids, you can create an estate plan that protects them. You can fund it with a life insurance policy and name a person to be their guardian if you die. Your estate plan can fully protect your children if you set it up correctly.
Is There a Chance You Might Become Incapacitated?
The third question to think about involves incapacitation. Is there a chance you might become incapacitated at some point in your life? The truth is that there is a chance. Anyone can get sick or injured in an accident, leaving them unable to make decisions or care for themselves. Creating an estate plan can help you safeguard yourself if this happens to you by letting you choose a power of attorney and make medical decisions before you need to make them.
These are three excellent questions to consider when you are unsure about creating an estate plan. You will likely find that you need an estate plan, even if you do not have a lot of assets. If you would like some advice or help, contact an estate planning attorney today. Visit a local law firm's website, such as https://www.wolfleylawoffice.com/, to learn more.