Advantages To Beginning Estate Planning When Still Young

Law Blog

Many individuals put off their estate planning until much later in their life -- but there can be some advantages to beginning your estate planning even as a young adult. One of the major misunderstandings about an estate plan is that it's only for the older and the wealthy. Estate plans can be beneficial for anyone, for a variety of reasons.

You'll Protect Your Children (and Pets)

Many young adults without significant assets still have children and even pets that need to be taken care of. Your estate plan can govern exactly what is given to your children and when by creating a trust. It can also create a trust for your pets and indicate who you would like to care for them -- otherwise, pets are often moved to shelters following their owner's death.

You'll Have a Financial POA and Medical POA

A financial power of attorney order and medical power of attorney order are both incredibly important in the event that you are unable to manage your affairs yourself. Even if you are young, you can still get into an accident or end up in the hospital and unable to make these decisions. Financial POA orders make it possible for a spouse, family member, or close friend to take care of your financial affairs, while a medical POA gives someone the power to make medical decisions on your behalf.

You'll Have a Living Will

In addition to having a medical POA that indicates who can make decisions for you during medical crisis, an estate plan will also develop a living will which is designed to govern what occurs to you in the event that you are medically unable to speak for yourself. In cases such as being in a coma or being kept on artificial life support, many individuals have very strong feelings. These feelings may not necessarily mesh with those of their family.

You'll Be Prepared

One of the best reasons to begin an estate plan when young is because it's very easy to put these things off. Creating an estate plan now means your living will, power of attorney orders, and trusts will already be set up, even if you forget to keep them updated in the future.

An estate planning attorney like Lisa Cappolella Attorney at Law and a specialized accountant can give you more information regarding whether an estate plan is right for you. An estate plan is actually a fairly simple document and it's simpler, faster, and cheaper to do the fewer assets you actually have.


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