When we are young, we have a tendency to believe we are immortal. In our early adult years, we are saddened and shocked when we learn of the passing of a former high school classmate or a same-age work colleague, and our reactions are always that ‘they were too young’ and ‘how tragic!’ Sadly, though, these things do happen more than we realize – dying is not just for the older generations. For this reason alone, we are never too young to have our affairs in order and take care of planning our estate.
But I Don’t Even Own Anything!
You may argue that it is not necessary to begin estate planning because you are too young and have nothing of value, but estate planning is more than just a will. Even young adults can benefit from having a living will or power of attorney in the event that they become incapacitated. This does not discount the importance of having a last will and testament, however. Some young folks may own nothing except for used furniture of yard-sale value and household appliances inside their rented apartment, but the fact is that many young adults do have something of extreme value – their children. Those children come along before you know it, and suddenly your life is richer than you imagined, even if on paper you have no assets or net worth.
Establishing Guardianship In Your Will
Establishing guardianship of your children in a will is one aspect of the estate planning process that does not often come to mind at first. Consider the extremely tragic scenario in which both young parents of two small children are killed as a result of a fatal car accident; while this is difficult to think it could ever happen, it does. Though this is not the case in every state nationwide, in Alabama, the courts allow the person named as guardian of minor children in a valid will to act as guardian and take control without any additional approval required by the courts. Without guidance set forth in a will about who will act as guardian to those two young children, the courts will make the decision. It is rare when the court is better prepared to decide who should get your furniture, car, and house if you should die without a will – but your children? You know them better than the courts, and you understand who would best be in a position to care for them if you were no longer around.
We Help People Of All Ages With Their Estate Planning Needs
Estate planning is truly for everybody. Whether you are in your later years and are trying to make sure everyone knows what to do with your antiques and assets, or you are just starting out and have just a few precious belongings to think about – your children – the office of Cloud Willis & Ellis, LLC is the right place to go for help in taking care of all of your important matters. Our estate planning attorneys will provide you with the information you need to make these decisions so that you can have peace of mind in knowing your valuables go where you wish after you are no longer here. Contact Cloud Willis & Ellis, LLC in Alabama to schedule your appointment today.