Many people believe that because they’re young, there’s no need to handle their estate planning affairs. This is NOT true. It’s important to have a plan in place as soon as you reach adulthood, so that you can be prepared throughout your lifetime. If you’ve been putting off planning, take a look at the following information, to better understand your needs and what you can accomplish with estate planning. If you have any questions, or if you’d like to begin your estate planning affairs, meet with an estate planning attorney.
The Basics: A Will
One of the first estate planning documents that you will want to utilize is a will. While you may assume that you have little assets and don’t need a will, the truth is you do. Your will allows you to appoint an executor who will handle your estate affairs after your death. You will also be able to determine how your assets will be distributed to your chosen beneficiaries. Additionally, if you have children, you can appoint a guardian for their care.
Other Basics: Powers of Attorney and Living Will
There are also other documents that are extremely helpful to have. You should create a power of attorney document, so that your financial affairs are in order, in the event of incapacity. A healthcare proxy will also allow you to have a personal representative in place to help make medical decisions on your behalf, if you’re ever incapacitated. You may also choose to create a living will, so that you can outline your end of life decisions ahead of time.
Other Estate Planning Considerations
There are also other planning techniques to consider. It’s smart to begin investing in life insurance and retirement planning, as soon as possible. This will allow you and your family to always be protected.
Where to Get Help
No matter how young you think you are, it’s important to take time to consider your estate panning needs. You likely want to make sure that you’re protected throughout all of life’s misadventures. If you have any additional questions, or if you’d like to begin your estate planning, consult with a qualified estate planning attorney.