Is Estate Planning Relevant to Me?
The idea that estate planning is only crucial for older individuals is a common misconception. The simple truth is that everyone at any age should start thinking of plans that can ensure that their loved ones will be well taken care of should the worst happen. As the website of Arenson Law Group, PC puts it, it might not be the most pleasant of things to think about, but planning for the future of your family can bring you considerable peace of mind and avoid headaches in the future. This is why estate planning or going through the process of making arrangements regarding the distribution of your properties and assets is extremely important.
Estate planning is a process that entails having to plan and make decisions about what you would like done to your home savings, personal property, investments, life insurance, and other financial matters at the event of your death. Specifically, you will have to determine how you’d want your finances handled and distributed to your dependents. Your plans can also include specific instructions about how you’d want your children to be cared for, as well as specific options for your end-of-life care.
To begin the process, the first step you need to accomplish is to draft a will—a legal document where you can declare all the plans and instructions you want honored after you pass away. The United States federal law requires that an individual must be over 18 and is of sound mental capacity in order to write their own will. It becomes valid as soon as you sign the document with at least two witnesses present, although most lawyers would agree that having your will notarized can help prevent your instructions from being disputed later on.
If you would like to begin the process of estate planning, it’s best to seek out legal counsel to ensure that all your affairs can be arranged according to the complicated legalities of tax and estate laws.