It is important to remember that each estate plan must be written to take a unique set of circumstances into consideration. As a result, there are often differences between estate plans, and people who create an estate plan for the first time often have questions about what process entails. If you are contemplating putting together an estate plan, you should consult with an experienced estate planning attorney.
Even Young People Should Have Estate Plans
There are several reasons why young people should consider writing estate plans:
- Incapacitation can strike a person at any age. Fortunately, creating an estate plan allows a person to deal with these events in case they arise. Powers of attorney allow a person to designate the individual who will make his or her financial or healthcare decisions in case incapacitation occurs. Without appointing a power of attorney, families are left without a clear-cut answer about what to do when a young person becomes incapacitated.
- Young people do not like to think about dying young, but the truth is that some people die before their time. No matter your age, if you die without an estate plan, your assets will pass through the intestacy process. For many unmarried young individuals, this means that 100% of their assets will go back to their parents, which might be an acceptable path for some. For other young people who are in a serious relationship with someone whom they have not yet married, or for people who want to leave part of an estate to a charity, this might not be able acceptable solution. Fortunately, an estate plan lets you decide what should be done with your assets in case something unexpected occurs.
- Many young people want to plan for their children. If you happen to have young children, an estate plan can be particularly helpful. With an estate plan, you can designate the individual whom you want to care for your children.
What Creating an Estate Plan Involves
Some of the important steps that will likely be included in your estate plan include:
- Creating a will. With this document, an executor will be named who has the responsibility of distributing your estate after your death.
- It is an unfortunate that many people experience a time in their lives when they do not have the capacity to make their own decisions. Fortunately, durable power of attorney can help in these times. With these documents, another person is able to make decisions on your behalf in the event you become incapacitated.
- A successful estate plan depends on a person’s important documents being easy to navigate. A good place to start in these situations is to gather bank statements, pay stubs, and life insurance documents together so that you can include all of your assets.
Speak with an Experienced Estate Plan Lawyer Today
Many young people have a difficult time imagining that they will ever need an estate plan. By creating these documents early, however, you can avoid the risk of something happening to you without any documents in place. It is never too soon to begin creating an estate plan. Contact attorney Jim A Lyon to schedule an initial consultation, during which time you can discuss your estate planning goals with a knowledgeable lawyer.