For many, the idea of creating an estate plan is something they'll do "later." As in when they're older, when they have more "stuff" or whenever they have some time to actually sit down and do it.
But putting off creating your estate plan isn't a good idea, and I'll tell you why.
Funerals can cost a pretty penny these days so even college students who live at home and have very few assets should at least have a life insurance policy to cover funeral expenses. If you own a car or a baseball card collection or a diamond ring – and everyone owns "something", someone will have to inherit that property. To know more about estate planning, you can also visit http://speedwelllaw.com/alexandria-estate-planning-attorney/.
And if you've got ideas about who you'd want your belongings to go to, you need the Will to ensure your wishes are honored.
As you get older and start accumulating assets, you're effectively creating an estate that will have to be distributed. Even the most modest estates will have to be probated and if your assets can't cover your taxes and outstanding debts, your family may end up inheriting nothing at all.
Do you have a family? Ensuring that your loved ones are protected and provided for is a key component of a good estate plan. Your plan can set aside money for debts and ensure that your kids can go to college or that your spouse can pay off the family home. Without a plan, your family may be left with a mountain of debt and no real resources to pay it off.