Dedicated To Extraordinary Advocacy,
Focused On Exceptional Results

How does estate planning address a person’s life cycle needs?

On Behalf of | Aug 1, 2023 | Estate Planning

Some might think estate planning only benefits elders or individuals with massive estates. However, these tools could be helpful in other ways throughout a person’s life cycle. Other times, estate planning could help address sensitive concerns that usually cause disputes among family members.

Failure to plan could lead to legal problems involving loved ones or the court regarding issues they might know very little about. Fortunately, using estate planning tools and deciding early on could help address the following life cycle concerns:

  • Adulthood: Once a person becomes an adult, their parents no longer have the authority to make legal decisions for their adult child. Drafting a will and other paperwork could designate this authority to specific people. These arrangements could be helpful when an individual becomes incapable due to unexpected incidents or illnesses.
  • Entering a marriage: Sometimes, marriage and divorce could complicate estate distribution, especially if an individual has no will. Estate planning could help solidify arrangements that consider past marriages, specifically children who have rights to the estate.
  • Parenthood: Having children comes with various worries, including what happens to them if the parents suddenly pass on or become incapacitated. Parents could prepare for these unfortunate circumstances, indicating potential legal guardians.
  • Elderhood: Elders who have accumulated a significant estate could use living trusts and other tools to control what happens to it after death. Doing so could minimize disputes among family members and beneficiaries, allowing them to focus on grieving the loss.

Still, individuals might require dependable legal counsel to make an estate plan appropriately.

Ensuring an estate plan’s enforceability

Estate plans could be complex. Wills and other tools might only be enforceable if they meet specific conditions only legal professionals could consider. An individual might need help navigating the process to ensure it addresses all important concerns and remains valid over time.

Additionally, not all estate planning options are beneficial. It could depend on the estate’s size and the individual’s necessities. Preparing these documents might take considerable time and effort. Nevertheless, it might be worth it for the security and peace of mind.