Most of my friends are in their mid to late 30s and haven't even thought about drafting a will. However, this is the best time to think about estate planning. Many of us are purchasing new homes, having children, and investing in the stock market through our employers. These changes are all reasons to have a will drafted, as well as a health care proxy and a power of attorney.
Many people think that because they don't own any major assets that they don't need a will. However, that is not the case. A will can protect your child's interest if something were to happen to you or your partner. Through a will, you can designate who you would want to care for your child.
Also, a will can designate who will receive your retirement funds, life insurance policy, and/or bank accounts in the event that a problem arises with your designated beneficiary. Many people think that because they have designated a beneficiary for these accounts that they don't need a will. However, I had a recent client whose husband died without designating a beneficiary for his life insurance policy. Somehow there had been a mixup with the company and his wife's name was not listed as the beneficiary. She had to wait over six months to receive the money from her husband's life insurance policy. This is just one example of why having a will is so important.
Feel free to contact Attorney Gomes if you'd like to discuss fairly-priced estate planning options today.
A will is a very important and valuable part of planning. I know of a mother and father in their late 30's who were in an automobile accident, together. Their vehicle hydroplaned. Neither parent made it out of the accident alive. The left behind two children under the age of 10. Spend the time to do it.
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