Why Estate Planning Isn't Just for "Later"
Imagine this: you’re on a family vacation, your kids laughing in the backseat, your mind focused on nothing more than the road ahead. But life has a way of throwing curveballs when we least expect them. What if something happened? Who would care for your children? Who would make decisions about your medical care if you couldn’t speak for yourself? It’s not a scenario we like to dwell on, but that’s exactly why estate planning matters—it’s the safety net we hope to never use. Estate planning serves to make your wishes known, plan for the future and enjoy peace of mind knowing that you have protected yourself and your family. Young adults, unmarried people and parents juggling family and work also need an estate plan, according to a recent article from Success, “What to Consider When Making a Will—and the Difference Between a Will and a Living Will.”
At Vick Law, we understand how overwhelming it can feel to think about these "what-ifs." That’s why we’re here to guide you through every step, making it simpler, less stressful, and more about peace of mind than paperwork.
Will vs. Living Will: What’s the Difference?
Though they sound similar, a Last Will and Testament and a Living Will serve completely different purposes:
- Last Will and Testament: This is your roadmap for what happens after you pass away. It names an executor to handle your estate, directs how your assets should be distributed, and, crucially for parents, designates guardians for minor children. Without a will, a court decides who raises your kids—not you.
- Living Will: Unlike your Last Will, a Living Will speaks for you while you’re still alive but unable to communicate. It outlines your medical preferences if you’re seriously ill or injured. Think of it as your voice in critical healthcare situations when you can’t speak for yourself.
Why Young Adults and Parents Need an Estate Plan
Estate planning isn’t just for retirees or the wealthy. Young adults often engage in high-risk activities, travel frequently, and might not realize how vulnerable they are without legal protections. A Living Will, Advance Directive, and Healthcare Power of Attorney ensure that if the unexpected happens, someone you trust can make decisions on your behalf.
For parents, having a Last Will is non-negotiable. It’s not just about your assets—it’s about your children’s future.
Don’t Forget About Digital Assets
We live online more than ever before. From social media accounts to digital wallets and cloud-stored memories, your digital assets are part of your estate. Without clear instructions, loved ones may struggle to access vital accounts during an already difficult time.
When Should You Update Your Estate Plan?
Life changes fast. Review your estate plan every 3-5 years or after major life events like:
- Marriage or divorce
- The birth of a child
- Significant financial changes
How Vick Law Can Help
At Vick Law, we pride ourselves in making estate planning personal, compassionate, and clear. Whether you’re creating your first will, updating an existing plan, or navigating complex situations, we’re here to help you protect what matters most.
Ready to start? Let’s have that conversation today. Book a call with Vick Law today. Located in Greenwood, Indiana.
Call us at (317) 593-9853 to schedule your consultation.
Reference: Success (Dec. 23, 2024) “What to Consider When Making a Will—and the Difference Between a Will and a Living Will”
