As many people get older and reach adulthood they wonder if they should be considering an estate plan. There are so many reasons why every adult should have an estate plan. You shouldn't wait until you are in your golden years to confront the idea that you will die someday. This is why it is very important to get an estate plan done while you are young. Here are some circumstances where you will be happy you had an estate plan.
1. You Have Minor Children
If you have minor children, there is absolutely no question if you should have an estate plan. Too many people forget the fact that if they were to pass away, there would be no one who would be legally assigned to care for their children. This means that the state would decide who is best fit for it. You may have an idea of who should have your children, but unless you get it in writing, no one knows. Thus, the state may put them with a relative that you don't trust or want them to go to, or they could even put them in the foster care system if they believe that no relative is fit for it. This could be devastating to your beloved children who have already lost their parents. Don't do that to them. Think about it before hand.
2. You Are Physically Incapacitated
Imagine that you were in some sort of accident that left you temporarily incapacitated. You might be in a coma or you might temporarily lose your ability to think competently. In this situation you would need someone to make decisions for you. You need someone that you can trust to decide how to spend your money, make important medical decisions, and they may even have to make legal decisions.
This is called a power of attorney. Power of attorney is so important because it allows someone to act in behalf of you when you are not able to. When you create an estate plan, your attorney will have you name people as power of attorney. These people should be those who hold the same beliefs as you and who you know will honor your wishes. If you don't have anyone named, once again the court will do it for you. And the judge might choose someone who doesn't share your same ideals and beliefs.
Contact a law firm like Seiler & Parker PC to find out more about estate planning legalities.