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Why estate planning is for everyone

| Nov 6, 2019 | Estate Planning |

Every person in Lake Charles feels differently about his or her possessions and assets. Some people may have several items that hold significant personal or financial value that they wish to pass on to specific heirs. Others might not care so much about what happens to their belongings after they are gone. However, those who think that estate planning does not have much to offer may want to consider some of the following.

It can help to think about what might happen should a person pass away without a will. For example, family members will not be able to decide who gets what — that is up to state law. This means that at least some of a person’s estate may go to an estranged family member or a child who is not financially responsible.

Parents of young children should consider an even more upsetting scenario. Who will care for a child should something happen to both parents? Again, without a will explicitly stating who should be the child’s guardian, the state will decide who will raise him or her. There is also no guarantee that a child will receive a sufficient amount from his or her parent’s estate to cover living expenses, or that the guardian will use the funds wisely.

There are a lot of misconceptions about estate planning. People sometimes think that creating wills and trusts is only for the very wealthy, or for individuals who want to micromanage their personal belongings even after death. In reality, estate planning is for every adult in Lake Charles regardless of age, income or anything else.

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