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Plan Ahead for Potential Catastrophes with Your Estate

September 14, 2017

Filed under: Estate Planning — Neel Shah @ 9:15 am

 

No one is able to get out of this world alive but you can make it easier on the loved ones that you leave behind. If you have minor children or accumulated assets, you still need to do some estate planning. The more complicated your life and businesses, the more complicated your planning must be.

 

Sadly, however, many people choose never to conduct their estate planning. A study completed by Caring.com found that just over 40% of adults in the United States have completed basic estate planning documents like a living trust or a will. For those with children younger than age 18, that figure is even lower, with only 36% having put an end of life plan in place.

Many parents work as hard as possible to ensure that their children are safe in all aspects of life but failing to have appropriate estate planning documents like a living trust or a will could compromise their ability to accomplish their goals or put them in a very difficult situation should something happen to you. Without a will in place, you are leaving behind a difficult and potentially expensive situation to be handled by whoever the court appoints.

Many parents will put off estate planning because they are not sure about who to name as the guardian of their children and you assume that it is extremely difficult to talk about your own mortality. Blended families, however, and the complexities of modern life makes it even more important to put together an estate plan that considers your unique needs. Grandparents, for example, may not be a good choice as the guardians of your children simply because of their age but no matter who you choose to serve as guardian of your children, you need to have a conversation about what that entails and whether they are comfortable taking on that role.

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