Estate planning is an important undertaking that many people subconsciously avoid. While they may feel a little guilty about putting it off, they find the idea of thinking about what happens after they die unpleasant. They may also tell themselves that the law has enough rules in place to ensure that appropriate people should inherit their property. While it may be true that there are intestate succession laws on the books, it is also true that estate planning is very important for most adults.
There are certain personal considerations in particular that may provide compelling reasons for people to sit down and draft documents exploring what happens in the event of a medical emergency or after their death.
The need to provide for children
New parents are often eager to give their children every opportunity in life. Unfortunately, not all parents get to watch their children grow into adulthood. Some parents develop illnesses or experience emergencies that lead to them dying while their children are still young. Estate planning gives parents an opportunity to select a guardian to care for their children and to preserve resources for their comfort.
The vulnerability of medical incapacitation
Another reason that estate planning is so important is that people who experience medical emergencies may not have anyone to speak on their behalf. For example, college student left in a coma after a car crash may not have anyone capable of accessing their medical records, making care choices or handling their financial resources. Without powers of attorney, their parents or other trusted loved ones typically cannot take action on their behalf. Particularly when people are unmarried or divorced, powers of attorney and advance directives can become crucial estate planning considerations.
A desire for a meaningful legacy
State law does allow for close family members to inherit from an estate after an individual dies. However, the decedent may not have had a close relationship with their parents, who might inherit everything if they have no children or spouse. Those with children may recognize that one requires more support than the others or may be estranged from one of their children. They may want to leave specific assets to specific beneficiaries. Those who take the time to create their own estate planning documents can craft a legacy that has a positive, long-term impact on others. Those who rely on intestate succession laws have no control over what others inherit from their estate.
Realizing that estate planning is beneficial for both a testator and the people who love them can give people the incentive they need to draft documents. Wills, powers of attorney and a variety of other estate planning tools can play an important role during medical emergencies or after someone’s passing.