Life can be difficult and filled with many ups and downs and challenges, but it doesn’t need to be all gloom and doom. It doesn’t have to be difficult when you take each obstacle one step at a time. Sit down and think of ways you’d cover all your bases by taking the initiative and thinking about your estate plan and will—now.
Now, you may be thinking, “I don’t have enough financial assets for an estate plan,” but that’s not true. It’s a common misconception to believe that estate plans and wills only apply to those with expansive financial assets. In truth, drafting an estate plan and a will provides your family and loved ones with a layer of security and guidance in numerous areas, in the case of unplanned circumstances.
That said, there is never one way things can happen, and with how nuanced everything in life is, what works for some can’t be applied universally. There are certain ways you should create your estate plan and will, depending on a number of aspects, to include:
- Married or single
- Children or no children
- Financial assets
- Life insurance
In short, creating an estate plan or will doesn’t just state who gets what, but also gives your children and loved ones guidance on how to uphold and respect decisions that you’ve made in their best interest. In cases that involve children, an estate plan can cover who will care for your children by stipulating who you would like to appoint short-term or long-term guardian in the event of an unexpected situation.
As estate planning attorneys, we can go on for hours talking about all the life situations that can come up, and how you can prepare for them. But instead of just writing it all down for you with content that may or may not be tailored for your individual circumstance, watch our latest webinar videos that address specific scenarios. In these videos, we discuss several different life situations and how an estate plan or will can circumvent disaster and protect you and your loved ones.