Estate Planning The Realities You Should Know

Real estate attorney maryville tn

Nobody wants to think of what’s going to happen after they die. For many, it’s simply too overwhelming. But beyond the more supernatural thoughts, there is a practical side to what happens after we pass away. This is why, whether or not you want to think about what happens after you’re gone, you need to. This is exactly what estate planning is about. Whether you’re looking to plan your will or delegate who your power of attorney, you need to plan about what will happen in the worst case scenario. This can benefit you in a number of ways. But perhaps most importantly, it ensures that the process that will occur after your death is easier on those left behind. Grieving the loss of a loved one is hard enough without having to worry about how an estate is divided up. With that being said, you can’t engage in estate planning or plan a will without estate lawyers on your side. It’s too important an issue to put on the back burner, especially in certain scenarios. As such, you should act as quickly as possible to plan your will. Below, we’ll discuss some of the things you should consider when estate planning, and where wills and estate lawyers are today.

Estate Planning: Where It Is Today

The reality is that people don’t think about wills and estate planning as much as they should — not by any stretch of the imagination. It’s believed that about 55% of Americans do not have wills or estate plans in place. Now, it’s understandable why people of a certain age wouldn’t have a will in mind. A person in their late teens or early twenties without any property or assets to their names would not necessarily need to get in touch with lawyers for wills and estates. Yet at the same time only 20% of people within the ages of 30 and 39 have a will or estate plan in place. This may seem innocuous at first, but in fact this is the most common age bracket for people to start their families. Therefore, they not only likely have property and assets — they’re also likely to have children. As we’ll discuss below, there are many reasons why people would want to plan for what will happen to their children should the worst happen. People don’t just neglect wills specifically, but estate plans as well. About 60% of people surveyed reported that they believed that all adults should have estate plans in place. However, only 44% of people surveyed actually had estate plans.

Wills And Estate Plans: What To Remember

Clearly, the most important thing to remember when making plans for your will is what will happen to any minor children in your care. Think carefully when making plans for children. Should you or your partner pass prematurely, your children should be with people you not only trust, but who are financially stable and in good health. Ideally, they should also be people your children know well and like. Children, however, aren’t the only living things that need to be cared for following your death. Think about pets as well. It may seem strange at first, but chances are that you’ll feel better knowing who will care for your pets after you’ve passed. Furthermore, you may want to leave a certain amount of money, set aside for some immediate vet bills and food. If you don’t have any children or pets, however, you still need to think about things like inheritance. The last thing you want to picture happening after you die is your friends and loved ones fighting over your belongings. This can cause a lot of conflict in an already-stressful time.

With all of this being said, it’s clear that making sure that your will and estate is taken care of. So call a lawyer as quickly as possible, and make the necessary decisions.

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