Life is full of uncertainties; to prepare for the unexpected, it’s important to have your estate planning organized and completed. This way, your family will stay comfortable and be financially secure in the event you pass away too soon. Here are a few reasons why people delay making wills and trusts, and why they shouldn’t.
The Truth About Estate Planning
Some People Believe Wills & Trusts Are Only for the Elderly
Young individuals need wills, especially if they have minor children. A will is the only way parents can designate guardians for their children, in case they pass away before their children reach age 18.
Trusts are an effective way of protecting property and passing it to loved ones. A trustee manages the property for children until they are mature enough to do it themselves.
Many People Think Estate Planning Attorneys Are Expensive
Consulting an estate planning attorney is a real investment in the future. Attorneys provide legal advice about saving money on taxes, probate expenses, medical expenses, and property investments that make a big difference now and later.
People Often Do Not Want to Face Their Death
Everyone knows it’s going to happen, so it’s better to do estate planning to prepare. Without a will or trust, state law determines who receives your property, raises minor children, and handles your business interests. When there’s no will or trust, there is often confusion, anger, frustration, and unnecessary expense.
Placing property in a living trust allows the trust creators to manage it until they pass away. A will and a testamentary trust have no effect until the writers pass away, so they can change them at any time. In fact, it’s important to update them when events occur including marriages, divorces, births, and adoptions.
Making a will or setting up a trust will give you peace of mind now and for the future. At Ferraro Kruk & Ferraro, LLP in Jefferson County, PA, skilled and compassionate attorneys offer wise legal counsel and professional service with excellent attention to detail. Clients depend on these attorneys’ knowledge and compassion when making important personal decisions. Call (814) 268-2202 or visit their website to make an appointment for estate planning.