It’s common for young families to put off estate planning for a multitude of reasons, whether it’s because they’re too busy or because of a false sense of security that they’re young and healthy and have plenty of time before they need to worry about having a plan. Maybe thinking about death is too depressing. Or maybe it’s because they don’t think they have enough assets to warrant a will.
Whatever the case, estate planning is an imperative for every family, regardless of age or financial status. Let’s demystify some of the preconceived notions around wills and estate planning and dispel some myths about putting it off until later.
Myth #1: “I’m too young and healthy to think about a will.”
To put it bluntly, we all die, even young, healthy people. According to the National Widows Association, an average of 2,800 women become widows every day in the United States. While the typical age of a widow is 60 and over, roughly a third of widows in America are much younger and have children under the age of 18.
Young widows are rarely prepared for their spouse’s death, which can cause significant financial strain particularly if that spouse was the primary breadwinner. By having an estate plan in place, you can prevent unnecessary financial and legal strain in the aftermath.
It’s hard to think about all this while you are still young and can make you feel like a pessimist. However, careful thought and planning of your family’s financial and mental well-being in the case of a death can give you and your spouse peace of mind that you and your children will be protected if the worst should happen.
Wills & Wellness offers a comfortable, low-pressure environment for creating a comprehensive estate plan that not only smoothes the process following a death, but also provides protection in the case of temporary incapacitation or sudden illness of you and/or your spouse.
We’ve also created a simple check-list of imperative to-dos for widowed moms after their spouse’s death in our Mom-To-Mom Toolkit.
Myth #2: “I don’t need estate planning or a will because I don’t have enough assets yet.”
Estate plans aren’t just for wealthy families with large assets. They’re for everyone. To change your perspective, consider your will and other estate planning documents as a guidebook to help your loved ones navigate the legal and financial processes that occur after the death of a spouse.
Without this guidebook, your family will have to blindly decide what to do with your assets and possessions–even if those possessions are as simple as a savings account or vehicle. Best intentions aside, the absence of a will can lead to arguments and sometimes drawn-out, expensive legal battles.
The situation becomes even more complicated if you have children under the age of 18 and you or the other parent dies without a will. The courts or state will have to decide who will be the guardian of your children, and their decision may not align with your wishes. The well-being of your children is a top priority for any parent, and having a well thought-out estate plan is the best way to safeguard that wellbeing.
Myth #3: “My family automatically gets everything, right?”
No. As mentioned above, if you die without a will or any estate planning documents, it will be up to the probate court or the state to decide what happens to your assets and who will become the guardian of your children. While in many situations, that decision will fall in favor of the surviving spouse, there are some instances where the court may decide differently.
For example, unmarried couples may assume their partner will inherit everything or continue with financial control or guardianship of any children. But the court won’t see it that way. If your spouse or partner is not named on the title of any property, that property belongs to your estate and the court will decide who the beneficiary will be. If you are unmarried but have children, the court will likewise determine guardianship based on the child’s best interest.
The best way to ensure that your loved ones will receive the inheritance you intend for them is to have an estate plan that covers all the bases.
Wills & Wellness estate planning attorneys can help you create an estate plan that factors in your wishes for your family’s wellbeing while also protecting your assets. And because your life will continue to change, we can help you update and revise an existing plan so that it accurately reflects your current life stage and wishes.