Have you drawn up a last will and testament stating how your assets need to be divided after your death? If not, it is imperative that you contact a Bulverde estate planning attorney to discuss planning your estate and drawing up a will as soon as possible.
Before we consider an answer to this question, let’s look at the definition of estate planning and what it includes.
What is estate planning?
Julia Kagan of Investopedia.com provides the best answer to this question. In essence, estate planning is the “preparation of tasks that serve to manage an individual’s asset base in the event of their incapacitation or death.” These tasks include the drawing up of a last will and testament.
And, she goes on to note that estate planning includes the “bequest of assets to heirs and the settlement of estate taxes.”
Finally, it is a good idea to consult with an estate planning attorney who is knowledgeable and experienced in estate law. Specific laws govern estate planning; thus, it is vital to ensure that your will and estate documents comply with these laws.
Once again, the “why question” is relevant here. Suffice to say, setting out in detail the division of your assets and the management of your estate post-death will make your loved one’s lives much more manageable.
Reasons why it is vital to draw up a will irrespective of your age
2017 statistics show that 60% of all American adults have not drawn up a will and finalized their estate planning before they die. The good news is 81% of the over-sixty-fives have valid estate planning documents. And, 58% of people aged from fifty-three years old and upwards have drawn up a will.
However, the age group from eighteen and older do not see the relevance of sitting down with an attorney to draw up their will and plan their estates in the event of sudden death.
These statistics provide the raison d’etre for this discussion. In other words, it is the rationale behind why the point of this discussion is to consider the motives behind why it is essential to draw up a will irrespective of your age.
Thus, as per this discourse, here is the pertinent motivation for consulting with an estate law attorney to plan your estate before it’s too late:
The reality is that most people do not know the exact date and time that they will die. And, there are several ways people can die unexpectedly, including motor vehicle accidents, cardiac arrests or heart attacks, and other unspecified causes.
Figures quoted by the American Heart Association’s “Heart Disease and Stroke Statistics – 2018 Update,” showed that almost 90% of all out-of-hospital cardiac arrests were fatal.
Thus, it is vital to ensure that you draw up a will and plan your estate as soon as you turn eighteen-years-old.
Writing content that emphasizes the suddenness of death seems a morbid topic. However, the reason behind this topic is to highlight the absolute importance of preparing for the unexpected because the consequences of dying without a will, especially if you are a parent to minor children are not worth contemplating.