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Do I Really Need an Estate Plan?

On Behalf of | Oct 17, 2017 | Firm News

For many people, the idea of making an estate plan sounds about as enticing as going to the dentist. It’s something that our culture seems to think is only for old people, or those nearing the end of their lives. While estate plans may never catch on as “hip,” it’s important to dispel some of the myths around estate planning, so more people may be able to see the benefits of this major legal decision.

There is a misconception surrounding the word “estate” to begin with. This term makes it seem like only those who are wealthy or own a lot of property should bother making a will. But in fact, the term “estate” simply refers to any and all assets that you own. These don’t need to be big houses or boats or vacation rentals; your estate could include things like a modest bank account, retirement plan, or small home. The size of your assets shouldn’t keep you from considering estate planning in Greensboro. In fact, it should be even easier to craft a will and other important documents, to protect what you already have. A simple, modest estate plan is quick and hassle-free to create, and will give you tremendous peace of mind.

One significant life event that often signals the time to create a will, is the birth of a child. While some single and childfree people may be able to put off their estate planning without a huge risk, when you have a family, it becomes particularly critical. This is especially true if you and the child’s other parent are not legally married, or if you expand your family through adoption. Once you have dependents that are counting on you, the last thing you want is to put them through the financial and emotional stress that comes with losing a family member without a good estate plan. Typically, the default laws in your area will distribute your assets among your kin, but without a will, you won’t have any say in who gets what.

Obviously, older individuals are certainly in the high priority group for estate planning, merely since they typically have more assets than younger people, and are closer to the end of life. Also, individuals with serious or terminal illnesses should make the time for an estate plan, as a bit of personal insurance for their loved ones.

Really, any adult over the age of 18 should consider meeting with a good estate planning attorney in Greensboro to talk about their options. When you’re ready to learn more about this process, and the benefits it can bring to your life, get in touch with us at the law office of E.J. Boswell.