No Need to Wait: Why You Need to Start Planning Your Estate Now
Is it time to create a will? Even young adults should consider creating a will, and planning their estate. Here’s why.
For many young adults, the idea of creating their will, or planning their estate is overwhelming, or even intimidating. Many young adults are focused on developing their careers, and social relationships, so the idea of considering how they’ll plan their estate may be difficult. It’s important to realize, however, that estate planning offers more than a guideline for dispersing personal possessions, or financial assets after passing. In fact, it’s a fantastic way to make sure that your relatives, friends, and loved ones understand what your wishes are for emergency, and end-of-life care. Here’s what you need to know.
Who should create a will?
It’s important for all adults to have a will in place as soon as possible. A will is a legal way you can work to protect your children, your property, your financial assets, and your personal belongings. You’ll not only be able to name specific heirs in your will, but you can also specifically disinherit relatives you do not want to receive anything from your estate. If you have minor children, you can use your will to plan their futures, as well. You’ll be able to name their guardians, and, if you want, you can create a trust for each of your children. You can specify how they use these trust funds, as well as when they can access the funds within the accounts.
What is an advanced medical directive?
One of the most important parts of estate planning is creating an advanced medical directive. This specifies your wishes for medical care should you no longer be able to make those decisions. If you have specific desires for how you’ll be cared for or which medical procedures you specifically want to avoid, this provides you with a chance to clearly state your wishes for your caregivers, and your family members, as well. You may also choose to designate a Power of Attorney who can make decisions for you if you are unable to do so.
Why is planning important?
One of the most important reasons to plan your estate as soon as you can is to remove some of the stress, and burden that will fall upon your family members if you pass away. They will be struggling emotionally, which will make decision-making quite difficult. Making specific choices in advance removes that stress from your loved ones. Additionally, creating your estate can help eliminate some of the tax burden your family may face when it comes to handling your estate, or receiving benefits.
How can an estate planning lawyer help?
When you’re ready to plan your will, reach out to an estate planning attorney who can guide you through the process of creating your will, and determining what your final wishes are. Your lawyer will be sensitive to your needs, and understands that estate planning is a very personal subject. They will be able to ensure you cover each topic you need to address in your will, and can assist you with carefully planning out your end-of-life care, as well as any preferences you may have for your heirs, and children.
Don’t wait to reach out to an estate planning attorney who can guide you. Get started today.