I was 25 years old and my dad’s instructions to me and to my older brothers were to have an estate plan done and make a will. And that we were to participate in formalizing a buy-sell agreement for our family business.
My wife was really upset with me because she thought it was ridiculous for someone so young to go through the trouble of having a will put in place. But it was really as much for her protection and our future kids as it was for my business and my partners. The last thing you want is for the government to decide where your assets should go. Without a will and an estate plan, that’s just what could happen with your demise.