Typically, when we meet with clients or potential clients, we're seeing families in a later stage of life. Many have adult children and grandchildren and are either retire or thinking about it in the near future. And that's great! We love these clients and we're particularly passionate about giving them the peace of mind that comes with getting their Legal Life PlanTM in order.
But, there's a common misconception that this age group is the only one who needs to think about their Legal Life Plan. Yes, they'll probably use their plan the soonest, but even if you are much younger, you may want to consider getting a plan in place. Unfortunately, death isn't reserved only for people who have lived long lives. There may come a time where you or your spouse will need the benefits of having a plan.
Who needs a Legal Life PlanTM?
We know what you're thinking: "I don't have an estate! I hardly have any savings or retirement. In fact, all I really have is a car payment, rent to pay, and student loans. This doesn't sound like something I need to worry about at all. Shouldn't you be talking to my parents?"
First of all, yes, we should be talking to your parents. And we probably are. And also, yes, you should worry about this. You, like your parents, will eventually die. You, like your parents, probably want to have control over what happens to what you have and the decisions made if you are incapacitated or pass away. And finally, like your parents, you probably don't want the default government plan in this situation. The best solution is to put your own plan into place.
If you're married or in a long-term relationship and cohabitating, it's a good idea to get some things down in writing. This includes, but definitely isn't limited to a basic will and durable power of attorney. This will give your partner or chosen representative the ability to make decisions on your behalf if you can no longer make them. Applicable to legal matters and/or health decisions, it's a good document to have available in the event that you need it.
Another group who should consider a Legal Life PlanTM sooner rather than later are parents. If both your child(ren)'s parents pass away, do you want a say in who will raise them and be their guardians? Of course you do. This is where a Legal Life PlanTM would come in and help you have that voice in the event that you aren't there to tell the courts what you want. Oh, didn't you know? If you don't say, the courts will decide who becomes the guardian....
So, even if you think you're "too young" for a Legal Life PlanTM, you may not be. And planning now can save you a lot of headache in the future, so consider getting started now. And parents of adult children: please send this information on. Especially if you have strong feelings about who should become the guardians of your grandchildren!
Questions? Want to get started? Contact us today and we'll help you decide if the time is right for your Legal Life Plan.