Thanks in part to growing interest in living wills, simplified procedures, and lower costs, millions of people of all ages and economic levels have taken steps to distribute their money and property according to a sound estate plan. Estate planning is emphatically not just for the elderly. One glance at the news demonstrates that far too many young and middle age people die suddenly, often leaving behind minor children who need care and direction. Estate planning needs to be factored into your overall financial plan, along with your children's college tuition and your retirement needs. If your financial or familial circumstances change later in life, it's usually easy and inexpensive to adjust your plan.
Most people also plan for mental or physical incapacity resulting from an accident or illness.
Through living wills, health-care powers of attorney, and other mechanisms, they control beforehand how they and their property are to be cared for if disaster strikes. By not leaving a valid will or trust, or transferring your property in some other way, such as through insurance, pension benefits, or joint ownership, you've in effect left it to state law to write your will for you. This doesn't mean that your money will go to the state. That happens only in very rare cases where you leave no surviving relatives, even very remote ones. Meanwhile, others who might need the money more, or who are more deserving, could be shortchanged, such as that favorite niece of yours, or your other child, who has had trouble finding steady work.