Becoming an adult marks the beginning of a new era. Suddenly these individuals are responsible for more than ever before, such as housing costs, vehicle upkeep and remembering to make a doctor's appointment. However, there is one important thing that typically remains far from these young people's minds -- estate planning.
Financial security is a major aspect of life, especially when loved ones are involved. You have invested your efforts and time into planning retirement. If you have children, you are also concerned about their future and financial stability.
Wills are one of the best-known estate planning devices. Forming a will can be an important step in getting an estate plan in order. However, wills cannot do everything. These documents have their limitations.