Many people put off estate planning for years. There always seems to be a good reason to put it off. At first some people think they are too young to have an estate plan or that they do not have enough assets. In later years, time is limited with new jobs, young children and household duties. Before we know it, we are in our 40s and 50s and still lacking an estate plan. At this point our children may be into their adulthood and the need for an estate plan once again seems unnecessary, but is it?
Oftentimes we forget about just how much people rely on us and the issues that may come up if we were gone. For some these dependents may be young children and for others they may be children that have just reached adulthood but are still financially relying on their parents.
But others have more unique and pressing situations. For example, some parents have disabled children that rely on them and will need some kind of assistance throughout their entire lifetime. For others, the person that relies on them may actually be their elderly parent.
If you have someone that depends on you, it may be important to have a trust set up in case you are no longer around, as well as a will. Although we always hope to be there for our loved ones, in reality it's something that we cannot control. We love those we care for and sitting down with an attorney and putting together an estate plan should be part of our care plan.