Recently, I heard an individual exclaim “I am young. There is no need for any planning until I get older. Estate planning is for the elderly.” It may be that people do not start thinking about planning until they are older, or that there is no need to. During your younger years, we are certainly are not thinking about incapacity or death because, well, we are young!
In many instances, that might be the case. Living a long fruitful life, seeing our children grow, perhaps even grandchildren. However, no single one of us are guaranteed any set number of years on this earth. Several of my friends have passed away, from either unexpected accidents or incurable diseases, all before they were 40 years old.
So, my reply to her statement of “I am young!!” would be it does not matter how old you are. We know that people can die at any age and any time and because things can happen unexpectedly, we recommend to our clients that they get healthcare documents set up for their children the moment they turn 18. They should have HIPAA, Power of Attorney (medical, mental, financial) and a Living Will at the very least. Once a person owns a home, some assets and especially once they have a family, they should have more advanced planning – generally a living trust. These documents are a precautionary method to ensure that your loved ones and your various responsibilities are taken care of if something should happen to you.
Whether you are 20 or 90 years old, there are no guarantees in this life, and the safest plan is to be prepared. We will all die, that is the one certainty, and we can and should prepare for it sooner rather than later.
What the Attorneys of Morris Hall Can Do For You:
The attorneys at Morris Hall have 100’s of years of combined experience ensuring that families’ assets are protected from probate, unnecessary taxes, creditors, ex-spouses and Medicaid spend-down. The attorneys also help those in Arizona to apply for and receive Medicaid assistance and Veterans Benefits. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Cave Creek, Tucson, Prescott, Flagstaff and Arrowhead. 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.