Why don’t young people plan there estates? Is it because young folk think nothing bad will happen to them? We can simply look to the young Hollywood crowd to see that is not really true (see Heath Ledger, Philip Seymour Hoffman, Brittany Murphy, to name a few). And for each young celebrity that faced their mortality, there are hundreds of average, everyday folk who meet the same fate, just with less fanfare.
So why aren’t young people planning their estates? Could it be they think they “don’t have enough” to plan for?
I am 40 years old. In the grand scheme of things I am young (though my knees may tell me another thing). I have an estate plan (and I had one years before becoming an estate planning attorney). Like most Americans, I have more debt (school loans, mortgage) than I have assets. So, why, you may ask, would I need an estate plan?
It is really simple. I love my family. Putting an estate plan in place is the best way to show someone you care. I care about what happens to my three-year old son if my wife and I were to suffer a horrible fate. I want my wife to be able to seamlessly continue living, and not have to worry about some of life’s pitfalls. I care about making things easier for my loved ones. I want them to know my wishes and to be able to effectively execute on them without hassle or delay.
I have planned my simple estate not because I am rich (maybe one day I will have that problem), but because I know that my estate consists of more than just what I own. It is really about all of the people in my life. I love my wife, my son and my family. I would do anything to protect them. And because of my training, my experience as an estate planning attorney, I see so many of the bad things that can happen to a family. I do not want that fate to befall my loved ones, so I put a plan in place. I put a plan in place to protect my family. I put a plan in place to make that horrible time just a little easier.
You do not need to be “old” to plan your estate. We all have something or someone to plan for. Remember, not all plans are the same. But if you love someone, you need to come see one of our estate planning attorneys so if something happens to you, you will have your plan in place.
Contributed by MH Albuquerque and Santa Fe Estate Planning Attorney, James P. Plitz.
Why Choose Morris Hall:
You have a number of options when it comes to estate planning, so why pick Morris Hall? First off, estate planning and asset protection are a very complicated endeavor and you should only trust someone who focuses exclusively on those matters. Also, MH is a proud member of The American Academy of Estate Planning Attorneys (AAEPA) which provides us additional support, advanced training, tools and information that is not available to others – which means that we can better protect your assets and your loved ones. We are one of only two firms in Arizona that belong to the AAEPA and are the only firm in New Mexico that has been granted membership. If you have assets and loved ones that you want to protect, you are in good hands with MH. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.