Almost no one likes to think about estate planning, and why should they? Who wants to think about the end of their life, or what they want to do if they cannot speak for themselves? This is one of the reasons why so many people put off estate planning. Others think they have plenty of time, and that they will get around to it in the future.
In fact, according to a recent survey, only four in 10 adults have an estate plan. While 81 percent of people age 72 and older have an estate plan in place, only 22 percent of people between the ages of 18-36 and 36 percent of people between the ages of 37-52 have an estate plan. For millennials and Gen Xers who may have children under 18, not having an estate plan can create a great deal of uncertainty if the unthinkable happens.
The truth is this: It is never too early to start estate planning, but it can be too late.
Why you need an estate plan
There are so many reasons why you need an estate plan that it would be hard to list all of them. The following are some of the most important:
- You have children under 18 and you need to designate a guardian to care for them if you die
- You want to ensure that certain assets go to certain people, whether friends or family
- You own a business and want to ensure it is set up for success after you are no longer in charge
- You know what you want to happen with your health care and want to create a health care directive and grant someone a power of attorney designation
- You want to place certain conditions on a beneficiary inheriting assets by creating a trust
- You are getting remarried and want to ensure your adult children from a prior marriage maintain their inheritance rights
Additionally, no one wants to think about loved ones fighting each other. With an estate plan in place, you will be doing everything you can to reduce the likelihood of bitter disputes occurring between loved ones over control of your estate.
At the Quinn Firm, our team of experienced estate planning lawyers is here to make the process as easy as possible for you. They can review every detail of your estate and help you think through every detail involved in creating a comprehensive estate plan to help you maintain peace of mind. Please contact Attorneys Thomas E. Kuhn, Colleen R. Stumpf or Melissa L. Larese at 814-833-2222.