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Why should younger people draw up estate planning documents?

| Apr 7, 2021 | Estate Planning |

Perhaps you are just out of college and focused on your first job. Perhaps you are a new parent, or perhaps you are busy settling in with your new spouse or significant other.

In any case, you may not have given much thought to estate planning believing you are too young and too focused on other things. Should you reconsider your position?

Unintended consequences

If you suddenly become incapacitated and have no healthcare directive, medical professionals will make decisions without your input. If you should die without a will, the Commonwealth of Virginia will distribute your assets in ways you might not have approved. Estate planning can keep these outcomes and more from happening.

Basic tools

A will provides your instructions for the distribution of your assets following your death, such as your bank accounts, your home and your personal possessions. It can ensure that beneficiaries include not only family members but also your best friend and your significant other. If you create medical and financial powers of attorney, you can name people you trust to make decisions on your behalf if you cannot do so yourself. If you establish a trust, you can pass along assets that will spare your family from having to go through the probate process. These and other estate planning tools address important considerations even while you are still alive.

Many options

The great thing about creating an estate plan is that in the range of options available, you will find two or three that fit your needs now and others you can add in the years ahead. Estate planning is important for everyone at any income level. It is a way of caring for family and friends. It is forward-thinking preparedness for which you are never too young.