I don’t have children or money, therefore I don’t need to worry about estate planning right now. I am young, I have plenty of time to deal with estate planning. Estate planning is so expensive.
These are common misconceptions about the law of estate planning. The truth is, estate planning is for everyone and doesn’t have to be expensive.
The Basics’ of Estate Planning. In the most basic terms, estate planning is a set of legal documents spelling out how you want to be cared for, and to whom and how you want your assets to be divided should you not be able to speak for yourself. These legal documents include your last will and testament, a living will, appointment of a general power of attorney and a health care agent. While each document serves a different purpose, together they empower another person to make decisions in regards to your assets, care and the care of your family in the event you are unable to.
Estate Planning Is For Everyone. When most people hear the words “estate” or “estate planning” they conjure up an image of someone who is retiring with money or a family planning for their children. However, what most people don’t realize is that no matter how large or how modest – nearly everyone has an estate to be planned for including you.
So what is in your estate? In the most basic terms, your “estate” is comprised of everything you own your home, other real estate, car, furniture, checking and savings account, life insurance, your valuables, etc. Therefore, whether you are single, married, divorced, widowed, or have children, you have an estate and can benefit from estate planning.
Estate Planning Does Not Have To Be Expensive. If you can’t afford a lavish estate plan, it is important that don’t put it off all together. Instead, start with a plan you can afford. For a single adult or young family, this could mean just having your basic will, health care plan and power of attorney in place. Over time, as your needs change, family change and assets grow, you can expand on your plan.
How To Get Started. The first thing to do when planning what to do with your estate is to determine what your wishes are and who you want to carry out those wishes in the case you are unable to. From there it is important to have an open conversation with your loved ones about your wishes. Next it is important to find an estate planning attorney who can help advise you on your situation. Your attorney will draft all of your estate planning documents to make sure you are taken care of no matter what life throws your way.
The Peace of Mind Benefit. The best benefit of estate planning is the peace of mind you will have knowing there is a proper plan in place for you and your family should something happen to you. If you would like to speak with a Tennessee estate planning attorney regarding your estate plan, be sure to contact us at Tressler & Associates. After all, the best gift you can give your family is the peace of mind they deserve.
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