COVINA, CA / ACCESSWIRE / September 21, 2021 / Today, The Law Offices of Tony J. Tyre, Esq. APC announced a trend in rising numbers of families seeking estate planning. As more and more people have been coming to grips with their own mortality, due to the COVID-19 pandemic, they are seeking ways to get their affairs in order, including preparing living trusts.
A 2021 Caring.com survey found that 35% of people felt a greater need to obtain an estate plan due to the pandemic, and 63% of younger adults were more likely to have one this year than they were pre-pandemic.
“We are hearing from more people since the pandemic began who want to plan for the what ifs of the future, but don’t know where to start. Parents, especially, should strongly consider having a revocable living trust drafted, in addition to other essential estate planning documents, to ensure children are properly cared for if the parent is no longer here,” said Tony J. Tyre, Esq. “There are numerous benefits of having a trust, with the largest benefit focused on avoiding probate court, due to the time and cost involved,” he added.
Those parents interested in starting the process of estate planning should expect to answer these questions:
- Who would you want to raise your children?
- Who would you want to manage your assets for the benefit of your children?
- Would you want your children to inherit all of the assets at age 18?
- Would you want to encourage college and postgraduate education for your children?
For people with adult children, important considerations include deciding if age limitations should be set for full inheritance, the need to protect assets through a discretionary or special needs trust, and what happens to the inheritance should the adult child predecease the parent.
“The pandemic has made many of us contemplate our own mortality seriously for the first time,” stated Tyre. “Although estate planning is not always enjoyable to consider, having peace of mind for your children’s continued success is worth the effort,” he concluded.