Another reason why young people should have an estate plan
In a prior post, we highlighted the importance of young people to begin the estate planning process. Essentially, we noted that one does not need to have a multi-million dollar estate in order to have a basic estate plan. While you are in your 20's and 30's, you may feel like nothing tragic will happen to you, but as life continues to show us, that may not always be the case.
The daughter of the late singer Whitney Houston, Bobbi Kristina Brown, lies in a medically induced coma after being found in bathtub. The situation is eerily similar to the circumstances surrounding her mother's death. Nearly three years ago, Whitney Houston passed away after reportedly drowning in a bathtub. A number of questions are being investigated as to how Bobbi Kristina ended up in the bathtub.
But from an estate planning standpoint, there are a number of questions that must be answered regarding her estate. After all, it is reported that Whitney Houston left a bulk of her estate to her only child. If Bobbi Kristina passes away, or remains incapacitated, who can (or should) be appointed to handle her affairs.
As such the story is a cautionary tale about the need for basic estate planning documents so that family members and loved ones have a fundamental idea of how to administer your estate in the event that you cannot speak on your behalf. The same can be said about medical decisions.
If you have questions about estate planning and estate administration, an experienced attorney can help.