Estate planning is important for people no matter what stage of life they are in or how large their financial portfolio is. The idea that estate planning is limited to those of advanced age and massive wealth is simply a misconception. Proper estate planning involves more than providing a list of who gets what in the event of an unexpected death, meaning it’s an important step for men and women of all ages.
While individuals in their 20s and 30s may not be at the peak of their financial goals, that does nothing to lessen the importance of having an estate plan in place. While a young adult may be in debt due to purchasing their first home, recently graduating college or starting their family, the need to put together an estate plan is just as important as any stage of life; the amount of excess money is not the driving force in the need for estate planning.
What an estate plan may include
A will indicates whom a person wants to bequeath their assets to in the event of their death, and it is the cornerstone of a proper estate plan, but other documents are important too. These forms don’t focus so much on material goods as they do on fulfilling the wishes of the individual putting the estate plan together.
One of these forms is a durable power of attorney, which appoints an individual to make decisions on behalf of the planner in the event of their incapacitation. Having someone legally appointed to fulfill those wishes takes a great deal of burden off of the planner as he or she knows that their wishes will be fulfilled. It also alleviates the stress on their family members of having to wonder what they want.
Your plan should be unique to you
Individuals of any age considering putting together an estate plan are encouraged to contact an attorney who is familiar with estate planning. This attorney may review current assets, build a list of their client’s wishes and walk their client through the multitude of documents included in a proper estate plan.