Many young adults wonder if they need an estate plan. They might believe that because they are young and healthy there is no need to see a lawyer about getting a will and trust. This is a false assumption and can be very dangerous. Instead, it is very important that you get a good estate plan even if you are young. If you want to know why you should start planning, there are three tips that can help you realize its importance:
1. To Protect Your Children
Having an estate plan is incredibly important if you have children, especially young children. Many young parents assume that because they are healthy they don't need to think about a will, but what they don't realize is that during this time their children are most vulnerable. This means that if you were to pass away the state would decide where your children go. This is not fair to the child, nor to those involved in the decision.
Instead, the moment you become a parent you should set up a will where you plan in advance where your children will go if something were to happen to you. You should ask this person in advance and make preparations for their comfort and safety if something were to happen.
2. Start A Trust
When you are young it is the best time to start a trust. This is because you have time on your side. A trust is a place where you can put money for your children and their future. Many bank accounts and investments accounts have great interest rates meaning that you can make a good deal of money by simply putting a little bit of money in it each month.
A trust is also great because there is a beneficiary put on it. This means that if you pass away the beneficiary can immediately access the funds. If you put your funds in a will, you might have to wait until the will goes through probate to access the funds. For this reason, a trust is the best idea.
3. Important Medical and Legal Documents
There is something called medical and legal power of attorney. If you are incapacitated in some way you will need to appoint someone to make decisions for you. This means that if you are in a coma, someone has to make decisions about your health and your finances, especially if you have dependents.
When you get an estate plan the lawyer will get all of these documents for you. This way if anything were to happen to you, you would be protected.
These are just a couple reasons why you would need an estate plan. To learn more, contcact a company like Linn Schisel & DeMarco Attorneys At Law with any questions or concerns you have.
Share10 December 2014
Like many people, I once found learning about law very intimidating. My brother went to law school and I remember glancing through a few of his books and wondering if I was actually reading English due to all of the legal jargon in them! However, when I ended up in a sticky legal situation due to accidentally breaking a small law I didn't know existed, I realized that I needed to learn more about the law, so I could make sure to follow it precisely in the future. My brother helped to break down some complicated legal concepts to me, and I have since been studying up online. I want to post what I have learned and continue to learn about law in the future on my new blog, so my knowledge cannot only help myself, but also help others!