While estate planning has no age attached to it – whether you are 21 or 65 – having an estate plan will only benefit you in the future. An estate plan will outline and see that your wishes are followed through when you’re not here to make he decisions such as your health, care for your children, and the distribution of your assets. Speaking with a professional estate planning attorney will help ease the stress and help answer questions you will have.
Choose a Health Care Proxy and Durable Power of Attorney
It’s inevitable that once you hit a certain age, parents stop helping you out and people will stop looking to your parents for aid. That’s why signing a health care proxy to outline any health care wishes and choose a durable power of attorney will give someone you trust the jurisdiction to make decisions for you when you cannot.
Protect Your Assets Right Away
As a young adult, you may not realize how many assets you have. Real estate, cars, jewelry, and family heirlooms all have significant value because they’re important to you. That means you want these items to be distributed to the people you want them to go to. Also, if you’re not married yet, but you have a significant other, and something is to happen to you, having an estate plan will allow them to continue to own and use your assets such as your home and car even though it’s not in their name.
Choose the Best Guardian for Your Children
Once you have a child, one of the first things you want to do is get started on crafting a will. This is where you want to name your child’s guardian, someone who you trust to raise them the way you want them to be. Otherwise, if you choose to wait and something does happen to you, it will be entrusted in a judge to make this big decision that has never met you or your child.
Prevent Burdening Your Family with Student Loans and Other Debt
For many young adults, student loans are the biggest financial burden they have. Federal loans are forgiven if the borrower dies, but private student loans are less generous. Buying life insurance at a young age can be very affordable and one of the best things you can do to prevent the family from being burdened with student loans if the unexpected happens.
If you would like to learn more about estate planning, I urge you to check out my blog, Three Common Estate Planning Mistakes. If you have any questions or want to get started on your estate plan, contact us at Paula Smith Law Office today.