Most people know that it's a good idea to have an estate plan. But estate planning is rarely high on one's list of things to do, so what most people really want to know is at what point to you really have to make one? For some the need is more urgent than for others.
How badly you need an estate plan depends on a number of circumstances in your life. These include: your marital status, how much stuff you have, if you have kids or other dependents, and if you care about what medical care you receive if you're incapacitated.
You don't really need an estate plan at all if:
- you're youngish and healthy
- you don't have much property
- you're okay with how the state will distribute your property if you die with out a will
- you have no children, AND
- you're not concerned with what medical care you will receive if you're incapacitated or what will happen to your body when you die.
That said, there are some good reasons to make a will sooner than later. Check out my next blog post.