There are numerous aspects to estate planning, but a large part of the process centers around providing for your family. This is extremely important. However, some reports suggest that over half of the population has yet to draft a will.
There are many reasons behind this hesitancy. One common factor is that people believe they are too young to think about death.
Of course, if you are young, then you’ll most likely have many decades to look forward to. Nonetheless, accidents do happen, and it might be best to prepare for all possibilities. Let’s look at a couple of situations where you should think about estate planning so that things are in order if something should happen.
If you and your partner aren’t married
You’ve been with your partner for a long time, and you are both very committed. Marriage has never really been a top priority for either of you. If something were to happen to you, you’d want your partner to be looked after.
Unfortunately, the fact that you aren’t married could pose some challenges legally if you don’t have an estate plan. Estate planning allows you to express your wishes in writing so that there is little room for doubt. This way, you can help ensure that your long-term partner is financially secure if you are no longer around.
If you have children
Your children mean the world to you, and you’d do anything to protect them. Estate planning can play a part in this. You’ll be able to name a legal guardian that can take care of your kids should anything happen to you and your partner.
While it’s beneficial to review your estate plan every year or two, you don’t need to obsess over whether or not something is going to happen to you. Actually, you’ll be able to carry on with your life knowing that you’ve made provisions that ensure your kids are always secure.
Estate planning can feel daunting at first, but with experienced guidance behind you, you can come up with a strategy that matches your needs. It’s unlikely that you’ll regret taking these steps.