The truth is that anyone can benefit from estate planning, whether you are a young unmarried individual, a child heading off to college, or older couples who are looking down the road to retirement.
It’s never too soon to start thinking about estate planning either. Even if your relationship is not yet recognized by law through marriage, you can still benefit from the estate planning process.
Your estate includes everything you own and whether or not you believe you have significant assets, the state would be more than happy to divide these up based on their discretion if you don’t have an estate plan.
That means your bank accounts, car, personal possessions and home would all fall into the hands of the state for distribution. If you don’t have a legally recognized marriage or the estate planning documents to help pass this on to your loved one, the state may pass it on to someone else. If you don’t have your wishes clearly articulated in documents, you run the risk of making things much more difficult for your beneficiaries down the line. Couples may have unique considerations that they bring to the table, particularly if this is a blended family.
This is why it is strongly recommended that you identify an experienced estate planning attorney who has years of experience practicing in this field and advising families in similar situations. The support from a lawyer can go a long way towards addressing your questions and ensuring a safe future.
