It’s often perceived that estate planning is only for the elderly and people with money. Because of this, many young adults don’t consider having an estate plan.
However, there are many advantages to developing an estate plan at any age. Here are some things you should consider
Distributing your assets
A will is the cornerstone of the estate plan. In it, you can detail how you want your assets to be distributed. Even if you don’t have considerable assets, a will lets you leave them to virtually whomever you choose.
Choosing a legal guardian for your child
Young adults who have children want to be sure that they are properly cared for if there’s a sudden fatal accident or a parent develops a fatal illness. You can designate a legal guardian for your child in your estate plan. This can help prevent your child from ending up in the middle of a family battle.
The guardian can be given rights that their parent would have had. For example, the guardian would decide where the child went to school, oversee their health and care for their needs.
Designating powers of attorney
One thing that many young adults don’t realize an estate plan can provide is power of attorney (POA). Someone can be given power of attorney to act on behalf of the testator if they become seriously incapacitated, which can happen suddenly and unexpectedly. Powers of attorney are generally granted to make or oversee financial and medical decisions.
If you believe it’s time to begin your estate planning, then you should review your legal options. It wise to have experienced legal guidance.