It is not uncommon to feel as though estate planning is something that only concerns our nation’s elderly. After all, the average lifespan exceeds 78 years, so if you’re not yet a senior citizen you have plenty of time to worry about it later on, right?
Of course, the likelihood of passing away increases as you age, and we all hope that we live long and robust lives. However, there are no guarantees. Tens of thousands of people pass away before they reach the age of 40 every year, and many people who are in this age group have dependent children still in the home.
The whole point of estate planning is to provide for people that you love after you pass away. As you pass through succeeding stages of life, the core dynamic underpinning your estate planning efforts will take on a slightly different focus.
As a younger adult, it is indeed unlikely that you will be passing away while your children are still minors. However, you do have to take every precaution so that they have financial resources to draw from and a guardian in place if both parents were to pass away simultaneously.
And of course, if you are married with or without children you must make sure that your spouse is provided for in the event of your passing. Most young families depend on two incomes, and if your income was to vanish your family can be left in a very difficult situation financially as well as emotionally.
Estate planning is important for all self-supporting adults regardless of your age, particularly if you are a parent. If you are presently unprepared, right now would be a good time to take action to arrange for a consultation with an experienced and highly qualified San Jose, CA estate planning attorney.