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Far too often I hear horror stories about what happens after a loved one passes away. Usually it’s because there was not a written plan made by that person before they died. I know this is a topic people don’t want to talk about but take my word for it, you need to plan for what happens after you die. There is no faster way to cause disputes, disagreements, and heartache in a family than to die without an estate plan. Make your wishes known so there is clarity.
Usually we think this is something that should be done when you are older and sitting on a rocking chair with your grandchild. I’m here to tell you, you need an estate plan now. If you have no dependents and little net worth then it may be a very simple plan but you still need one. As soon as you have dependents though, especially children, you need to be crystal clear about your estate planning. I recommend you talk with an attorney to develop your estate plan because they will be familiar with your state’s laws about things important to you, make sure you haven’t missed any important details, and can prepare the documents appropriately. Your estate plan will likely involve more than just a simple will. Especially if you have built wealth, own a business, own real estate, have dependents, etc. The time to figure out these details is now, no matter your age.