Everyone needs to think about estate planning, now more than ever.
You have any assets, regardless of value.
You need a Will and/or revocable trust to specify how you want your assets distributed among your beneficiaries and to name an Executor or Trustee to handle and distribute your assets at death. Without a Will or trust, state law dictates to whom your assets will pass.
You are 18 years of age or older.
In most states, an 18-year old is considered a legal adult. As an adult, you need a health care proxy and power of attorney to designate an agent to make important decisions about your health and finances in the event that you are unable to do so. Without these documents, state law or the courts dictate who will have the power to make such decisions.
You have young children.
You need a Will to name guardians for your minor children and a trustee to manage your children's inheritance in the event of your death. Without a Will, the state will choose a guardian, and it may not be the person whom you would have chosen.
You want to contribute to charity.
You need a Will and/or revocable trust in order to specify to which charities you want your assets to pass upon your death.
You want to avoid probate.
Probate can be a costly and time-consuming process. Your estate can be designed to avoid the time and expense of probate court through the use of a revocable trust.
You are concerned about becoming incapacitated.
It is important to have a succession plan in the event of your incapacity. Through the use of a power of attorney and/or revocable trust, you can designate an agent to manage your assets.