I AM UNDER 50. DO I NEED AN ESTATE PLAN?
May 1, 2013
There are those who are under the impression that estate planning is something that is only relevant to people who have reached retirement age. It is obviously true that it becomes more likely that you will pass away as you reach an advanced age. However, estate planning is something that is important for people of all ages and it can be properly viewed as a core responsibility of adulthood.
Most people are going to be exposed to the most fundamental estate planning vehicle when they obtain their first career position that offers benefits. At that time you are probably going to be offered life insurance, and most companies will pick up the tab for a base amount while giving you the opportunity to increase your coverage at your own expense.
Life insurance is useful for single adults because it would provide resources with which your family members could cover your final expenses. But when you have a spouse and/or children life insurance becomes a truly essential vehicle of income replacement. You have to ask yourself where your family would be if your income was no longer available and make sure that you have insurance coverage that is sufficient to replace this income if you were to die suddenly and unexpectedly.
The matter of child guardianship is something for younger adults to consider as well. It is wise to include the selection of a guardian who would take care of your child or children if the parents were to pass away together in an accident. Obviously a single parent would have to take the matter of guardianship even more seriously.
Estate planning is something that is important for every responsible self-supporting adult. Unfortunately, the majority of people who are under the age of 50 do not have an estate plan in place. If you are one of them, now would be a good time to take action and arrange for a consultation with an experienced Upland area estate planning attorney.