A lot of people procrastinate before they begin to consider estate planning seriously, and they typically utilize flawed logic to reach the conclusion that they don’t need to have an estate plan in place “just yet.” Of course the first thing that many people will say is that they are too young to worry about estate planning. Let’s take a look at the facts and see if this argument has any real validity.
A piece of relevant information would be the average life expectancy in America. At the present time this figure is 78.4 years, so this means that you don’t have to start planning your estate until you are about 77, or 75 if you want to be safe, right? Of course averages are just that, averages…if you’re being logical, mature, and pragmatic you will recognize the obvious fact that people of all ages die every day. Others become incapacitated due to accidents or catastrophic illnesses that appear suddenly.
Even though it is not likely that you will pass away or become incapacitated before your time there are no guarantees. The “that will never happen to me” mentality is not going to put food on the table for your loved ones or send your children through college should the unthinkable take place.
Estate planning is a basic responsibility, and it is a matter of expecting the unexpected and preparing for any eventuality. This type of planning is not something that you do for your own benefit; incapacity and estate planning efforts will benefit your family members should something take place that puts them in a vulnerable position.
If you were to pass away today, would your family be properly provided for? This is something to ask yourself when you are considering whether or not is “too soon” for you to concern yourself with the subject of estate planning.
Contact our law firm at (732) 238-6000 if you need help creating your first estate plan. We’ll walk you through the process from start to finish.