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Many people in their twenties and thirties assume that they can wait until they’re much older before they need to draft wills and trusts. In reality, estate planning should become a priority once you become an adult. Here’s a closer look at why you should develop a solid estate plan early in life.

Why Young Adults Need to Consider Wills & Trusts

1. Determine Where Your Assets Go

Even if you’re unmarried and don’t have any children, drafting a will or trust helps ensure you have direct control over how your assets will be distributed if you pass away. Without a will, the courts will determine what happens to your money. The process can be lengthy and may have an outcome that's not in accordance with your wishes. A will can designate assets to friends, family, or your favorite charitable organization.

2. Protect the Interests of Your Children

wills & trustsIf you have children, a will is vital for ensuring their well-being. As part of the will, you should name legal guardians who can care for the children if both you and your spouse pass away before your children reach adulthood. This is an important decision that requires careful consideration, as well as the consent of the individuals who you would wish to care for your children.

3. Avoid Probate & Tax Issues

Estate taxes and inheritance taxes can cause beneficiaries to miss out on a sizable chunk of the assets they would otherwise receive. Without a valid will, assets could also be held up in probate and be subjected to messy legal battles. Writing a will helps beneficiaries get assets quickly and without drama, while also distributing assets in a manner that helps reduce tax liabilities.

 

 

If you need help developing wills and trusts for your estate plan, contact My Legal Team, Inc. in Signal Hill, CA. Serving Los Angeles County for over 30 years, their experienced attorneys provide personalized attention to your needs to help you develop a strong estate plan. To learn more about their practice areas or to schedule a legal consultation, visit them online or call (562) 479-0900.

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