In With The New!
As we near the end of Pride Month 2021, we want to draw attention to the evolution of the “nuclear families.” This new dynamics allow for families to come in all shapes, sizes, and colors. The American Dream has establishing nuclear families to buy a house, get married to the opposite-sex, have children, and leaving a legacy.
Many people do not fall into this nuclear family dynamic category. The “new” nuclear family may contain a single parent or a same-sex partner, or even no children at all. You may even have close relationships with friends that have become your family. The possibilities are endless when it comes to new nuclear families.
Why You Need Planning
There are many reasons why planning should be at the top of everyone’s priority list. First, you worked hard your entire life, and you have accumulated certain assets, like property, or valuable jewelry. You may even be expecting to inherit assets from someone else.
Having no plan set in place can lead to so other things without you knowing. Did you know that without a plan all your assets undergo probate at the time of your passing? That it is going to cost at least 3-5% of your entire estate. Some challenges you will face are locating all your assets, dealing with creditors, and settling disputes between your heirs.
Also, you may need to prepare when a time will come when you are incapable of of caring for yourself. Like, if you entered into a coma, do you know who would be making important life-altering decisions for you? How about if you develop dementia, or you have a stroke, or any other serious ailment? Without a plan in place, someone will be assigned to make these decisions for you. These people can range from a family member, a medical professional, or someone unknown to you may be appointed by the court. It is shocking to find out how little control you will have over yourself when you encounter such a situation.
Whom Are You Planning For?
The first person you are planning for is yourself! You want to make sure you and your assets will be taken cared for. But who else might you want to plan for? Oftentimes, a significant other will be a top choice for your estate. This is not always the case but be advised that even a married spouse may not be qualified to receive all your assets without explicit directions from you.
What’s more alarming is that an unmarried partner will receive absolutely nothing without a plan in place. Nor will they be able to make important health or financial decisions for you. That’s right! No matter how long you have been together with your unmarried partner, you can expect them to be completely excluded from these decisions, as per federal and state laws.
Is there a solution to all these considerations? Yes, there is! The best option to protect your assets and prevent unwanted people from interfering in your life is to create a Trust. By creating a comprehensive Trust with our firm, you know exactly how you would like to be cared for medically and financially. You will get to choose whom you want to include in your planning and what roles and responsibilities these people will have. Only then will you be protected and prepared for life’s unforeseen circumstances.
To learn more about the benefits of estate planning, please schedule a consultation with our firm and get started planning for your new nuclear family!