A common misconception we hear in consultations with existing and prospective clients is that a person can be too young for estate planning. They are legitimately under the impression that people in their 20s and early 30s are not yet at the point in their lives when wills, trusts, powers of attorney, and other important legal documents are important.
In their mind, estate planning is only for the elderly. It is also only for super-wealthy people and their families.
This could not be further from the truth.
You Are Never Too Young for Estate Planning
Unlike having the right to vote, buy alcohol, or carry a driver’s license, estate planning has no age restriction. You could be 22 with a part-time job and a few credits left to graduate from college. You could be a newlywed with a baby on the way or in your 50s or 60s. It does not matter. And the reason why is simple: None of us knows when we will pass away or be placed in a position where we cannot make important decisions for ourselves.
Estate planning allows us to let our loved ones know what our wishes are in these situations.
These and other documents also put legal protections in place to make matters easier for our family. Even at 22 years old, knowing that life can change in the blink of an eye is important. At least having a will in place can make a world of difference.
Estate planning is one of the most important things you can do for your family. And you do not have to wait until you are older.
What is estate planning?
Contemplating a day when you are no longer around to enjoy your family, pursue your dreams, and relax with the people you love most can be painful. But it is absolutely critical to have a plan in place for the day you pass.
Estate planning is the act of preparing a person’s property to be transferred to another entity or person(s) after his or her death. This includes any life insurance, retirement accounts, real property, cars, personal belongings, and debts. But estate planning goes much further than that. You can appoint someone to handle your affairs if you are deemed medically unfit to do so. You can determine who will care for your children. You can even lay out your wishes for future healthcare decisions, final arrangements, and more.
There are a variety of documents that help check all of these boxes:
- Durable Power of Attorney
- Medical & Financial Power of Attorney
- Medical Authorizations
- Burial Directives
- Advanced healthcare directives/living wills
- Declarations of guardianship
Many people wrongly assume that planning is only for older wealthy people. But this could not be further from the truth. The sooner you get your estate planning strategy in place, the more peace of mind you will have.
Call Nelson Law Group today!!
When it comes to protecting your family’s future for years down the road, it is imperative to have an estate planning attorney in your corner at all times. Give our knowledgeable staff here at Nelson Law Group, PC, a call if you have any questions. Our staff is always available.
For more information about Brett A. Nelson, click here.
Source: Nelson Law Group