Contrary to popular belief, estate planning is not something that is confined to senior citizens. As unfortunate as it may be, people of all ages pass away every single day leaving loved ones behind.

Estate planning can be accurately described as a core responsibility of adulthood. This is one reason why many employers immediately offer new employees life insurance policies (a part of estate planning), with the employer usually providing a base level of coverage at no cost to the employee.

Life insurance is a very valuable vehicle of income replacement. If you’re single it is less important than if you are married, but even if you are unmarried, your family will be able to cover your final expenses with your life insurance proceeds rather than having to shoulder the cost, which can be considerable.

But if you are married, life insurance becomes absolutely essential because it is very likely that your spouse and your children rely on your income to maintain their standard of living. Losing a loved one is a devastating experience; but if it is coupled with financial hardship, it can be overwhelming.

Incapacity planning is something everyone should engage in as well. If you think back to the case of Terri Schiavo, you can see why people of all ages should have a living will and a durable medical power of attorney in place to avoid misunderstandings among family members should an individual fall into an incapacitated state unexpectedly.

Another reason why it is a good idea to sit down with an estate planning attorney to devise a plan at a young age is because retirement planning and estate planning are inextricably intertwined. If you have the foresight to map out a strategy early in your life, it becomes easier for you to enjoy your retirement while crafting a robust legacy for the benefit of future generations.

The Potter Law Firm is a member of the American Academy of Estate Planning Attorneys.

As you create your estate plan, you will be forced to make decisions about how to distribute your assets after your death.  Many individuals have trouble deciding how to do this.  It can be especially difficult trying to decide if you want to leave unequal shares to your children.  Take a look at the information below to help make this important decision.  If you have any questions about choosing how to divide your assets when creating your estate plan, meet with an estate planning attorney.

If you’re thinking about leaving unequal inheritances to your children, there are steps that you can take to make sure that you don’t leave the impression that one child is favored over another.  Here is an example of how you may choose to handle the situation:

Susan and Bill have two daughters named Kim and Tara.  Kim has always been independent and has gone out of her way to make sure that she’s capable of handling her finances.  She has paid her way through college with loans and has worked hard to purchase her own home.  Tara on the other hand, has received a lot of assistance from Susan and Bill.  Her parents have helped her with some of her college expenses and have helped with her home’s down payment. When creating their estate plan, Susan and Bill decide to leave more assets to Kim, since she has received little assistance in the past.  In order to avoid conflict between Kim and Tara, they decide to carefully spell out their decisions regarding the matter in their estate plan.

This is just one example of how you may choose to avoid conflict when creating an estate plan with unequal inheritances.  Know that you have the final decision on how you choose to distribute your assets. You can take care and carefully plan out your choice so that you can avoid as much conflict as possible.

It is perfectly acceptable to leave unequal shares in your estate plan.  If you have any questions about how to make sure that your loved ones will not be hurt by your estate plan decisions, consult with a qualified estate planning attorney.

The Potter Law Firm is a member of the American Academy of Estate Planning Attorneys.