As a young adult, your major concerns until recently may not have revolved around what would happen to you, your assets or your family in the event of your death. After all, you, like most young Virginia residents, likely believe that you have decades of life ahead of you and have no reason to worry about your demise.
Are you too young to consider estate planning?
Trusts can provide greater protection
When Virginia residents think about their mortality, they often want to make sure that their assets can be disbursed according to their wishes. They also frequently want to pass on the vast majority of their assets to their heirs, rather than seeing a large portion consumed by estate taxes. In addition, many people prefer the flexibility, control and privacy provided by trusts, rather than simply passing assets on in a will. Trusts can have important benefits from the moment they are created, so many people prefer to create living trusts, rather than testamentary trusts that come into existence only after their death.
Debt reduction should prioritize interest and not payments
Tens of millions of people in Virginia and around the country are struggling with overwhelming debt. Many Americans begin taking on debt as college students and continue to borrow throughout their lives, and making the monthly payments on their loans and credit card bills often leaves them financially unprepared for retirement. Escaping the debt trap is especially difficult when individuals have significant credit card balances as it can take decades to pay them off if only minimum payments are made.
