Posted By Ken Smith
By, CHRISTOPHER YUGO
People of all ages have estate planning needs. Young single people, who may not have much, should at least have a health care representative appointment.
Young parents are especially in need of estate planning. Even if they don't have a lot of wealth, they have children. Who's going to take care of them if something happens to their parents? Parents of minor children need a will if for no other reason then to nominate a guardian over the kids.
Middle aged folks have different needs. Their kids might be older but still not quite old enough to be trusted with a pile of money. Think back to when you were 18 or 19. What if someone gave you a stack of cash? Would you have planned for a rainy day or would you have bought a fast car? Be honest now.
Waiting until you're older to plan is sort of like learning to swim after you've spent 50 years on a boat
I know if it isn't easy to face your mortality and planning isn't always near the top of your to-do list when you are a twenty- or thirty-something.
Consider me as an example. I graduated from law school and was sworn into the bar in 1993. For more than 15 years I've worked in the area of estate planning and settlement. I've worked with countless people and families over the years. I didn't complete my estate plan until 2004. And what finally made me pull the trigger you ask?
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