If you are in your twenties or don’t own many assets, you don’t need an estate plan, right? Wrong. Two of the biggest misconceptions about estate planning are that only older people need plans and that only people with a significant amount of assets should bother with creating Wills, Trusts, Powers of Attorney, or Advance Health Care Directives. The reality is that death or disability can strike any of us at any time. If you haven’t done any estate planning, your loved ones can be left guessing what you would want, and the process of handling your affairs can be more time-consuming and costly as well.
Creating a Will, or a Trust, will help ensure your loved ones know how you want your assets to pass if you die prematurely. It also gives you an opportunity to document who should be responsible for managing and winding down your estate when you die. This is a must for anyone in a committed relationship who is not yet married, as well as anyone with minor children, as your Will is where you can document who should have guardianship of and manage finances for your children in the event of your premature death.
Any competent adult over the age of 18 should also consider creating a Power of Attorney for finances and an Advance Health Care Directive. These documents give legal authority over your affairs to a trusted family member or friend who can step in to manage your bills and other financial matters if you become incapacitated, and be your voice for medical decisions if you cannot speak for yourself.
So, when should you create your estate plan? There’s no time like the present.
At The Estate Planning & Legacy Law Center, PLC, we will build an effective and strong estate plan for you and your family to fit your unique needs. Our services alleviate wealth concerns and help you to enjoy life and focus on what really matters, your family. Contact us today to get started!