It is never too early to think about your estate planning. Many people think that estate planning is a matter for the elderly, but that is not true. While people with greater assets often think about what will happen to them when they pass, it could be just as beneficial for the young to do the same. Even though people in their twenties may not own significant wealth, estate planning can help ensure your family has access to the assets you do own if something happens to you. The alternative can leave your family battling for access to your assets in court.
Additionally, if you think that it’s better to postpone your estate planning because you know that your situation will change in the coming years, it is important to know that your estate planning documents can be changed as necessary. For example, if you are single and in your mid-twenties when you first start estate planning, your plan can be changed upon the celebration of a marriage, the adoption or birth of a baby, and any other changes in circumstance. Or if you feel that you are too young to think about long term care asset preservation, that’s fine. You can always add trust planning or further planning at a later date.
What you don’t want is your loved ones to find themselves in a mess if something should happen to you and you haven’t prepared your estate plan. If you were to suffer an accident, illness or injury, having a power of attorney and health care proxy in place would allow the people that you would choose to have the legal authority to help you. It won’t be enough that “you would let them” or that “they know” that you would allow them to help you. Your trusted family or friends would have to have proper legal authority which you can prepare in advance when you are capable of doing so. Further, after your lifetime, having an estate plan in place will facilitate the process of administering your estate for those you leave behind.
You may only need a simple estate plan for now, but not having a plan and crisis hits? That wouldn’t be simple at all.
Contact us and we would be happy to help you get started.