incapacity plan

6 Reasons Estate Planning Isn’t Just for the Elderly

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Estate planning is something old people do. This is one of the most common and dangerous misconceptions that many people harbor. In reality, estate planning is something everyone needs to do — even, and perhaps especially, young people. 

While it may seem crazy to consider issues such as death and incapacity, which are hopefully very far in the future, not addressing these issues can make life very difficult for you and the people who you love.

1. No one knows when they will be impacted by a tragedy

incapacity plan

It’s easy to believe that you’ll always have more time to make an estate plan. The reality, though, is that’s not necessarily true. You could become incapacitated or pass away suddenly without the time to take action and put plans in place. If you haven’t taken action to make your estate plan and something happens to you, there’s no way to go back in time and fix it. The only solution to ensure that your wishes are respected and your loved ones are provided for is to take action before it is too late.

You can always change and modify your plans later as your life changes. So there’s no reason not to build the foundation of your estate plan early so if something does happen, you and your loved ones have the peace-of-mind of knowing the right tools have been used and the right protections are in place.

2. Plans must be made for young children

It’s crucial for anyone with kids to have an estate plan. You can use your plan to name someone who should be the guardian of your children and can make sure that person is someone you trust and can count on to raise them in accordance with your wishes and values.

You can also make provisions for children to inherit and specify who should serve as the guardian of any money you left behind for them. You don’t want young children to inherit directly without naming a custodian or guardian as the court would need to decide who should manage their funds. 

3. You need control over your medical care

There are many types of medical interventions that could prolong your life now. You may want some of these interventions — or you might prefer to decline them under specific circumstances.

If you haven’t made plans in advance, then someone will have to make these decisions on your behalf. This could result in a big problem if there’s conflict over who should make the choices or if you end up getting care you don’t want or having care withheld that you would have preferred.

Putting advance directives in place to express your desires regarding extraordinary medical care is one of the most important parts of making an estate plan.  Only by having these documents in place can you ensure that your own personal wishes are respected when it comes to some of the most consequential medical choices in your lifetime.

4. Your loved ones may not know your wishes

Everyone needs to have the tough conversation with loved ones about things like whether you want to be kept alive by a feeding tube or what should happen to your assets if you pass away. These are not conversations many younger people think they should have but that is a misconception.

If you have not discussed your wishes, it is likely that the people you care about will not know what your preferences are. This makes it more difficult for family members to cope with the aftermath of a tragedy if there’s no estate plan in place to guide them. 

Your loved ones could end up involved in a conflict over what to do with your medical care or your assets. This could create problems among those who you are leaving behind at a time when they should support each other. The court may also be forced to step in and decide, which is costly and stressful for all involved. 

5. You may have pets that you want to provide for

If you have pets, as many people do, you don’t want those animals to end up homeless if something happens to you. Making an estate plan allows you to put plans in place to ensure they are cared for appropriately if you become incapacitated and can’t provide for them or if you pass away. 

6. You deserve to decide what happens to your assets 

Finally, if you pass away without plans in place, intestacy laws will dictate who inherits your assets. This may not be the people who you would have chosen. This is especially true if you don’t have a spouse and kids, who would usually inherit the bulk of your estate by default if you don’t have an estate plan. 

As you can see, there are many important reasons why making an estate plan makes good sense. You should reach out to the McGee Law Firm at 817-899-3286 today to schedule a free one-hour consultation.

Brandon McGee
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