Estate Planning | Personal Injury Blog - Part 2
The old joke is that wherever there’s a will, there’s a relative. But what is estate planning? Who needs to do it? What are the benefits of planning your estate (or not doing so)?
The simple answer? A will says what happens to your stuff after you die, and it can also say who will care for your children. There is always a plan in place for the distribution of your assets after your death. It’s either the plan you create…or the plan that the State of Nebraska already has in place for you, without a care for your input or wishes. An estate plan can also provide for you while you are still living. For example, an estate plan can provide for healthcare decision-making in the event of your incapacity, financial decision making, and asset protection.
As a young adult starting out in your professional career, you may not have thought about life insurance, wills, and dividing your assets in the event of your passing—but you should!
Whether you have started a family, or are planning to one day, it’s a good idea to decide how you want to take care of your family. This includes setting up a plan for distributing your hard-earned money and possessions, and it also includes planning for any periods during which you might be disabled or otherwise unable to handle your own affairs. Make sure your loved ones are taken care of after you’re gone.
Here’s a cheerful thought: time is passing by us every day. While we (technically) age, many of us don’t “feel” the age our number of birthdays otherwise indicates.
Mortality isn’t something we care to think about. Whether because of fear, sentiment, or the belief that we are going to be here forever, many people haven’t taken the steps necessary to protect their life’s earnings or their families.
Truth is, everyone needs a will or estate plan. It doesn’t matter how big or small your estate might be—every estate needs a plan. And you’re never too young to have one.
You are your children’s best advocate. You know exactly how they like their sandwiches cut, what story they could listen to a thousand times a day, who their friends are, and how school is going. You are involved with your kids and only want the best for them. You are a responsible parent, so you plan educational trips and outings, manage the family finances, and carefully choose your babysitters and other childcare providers. But have you taken the time to put a plan in place in case something happens and you can no longer take care of yourself or your children?
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