When Should I Start Estate Planning?
One of the questions we most often receive is “When should I begin my estate planning?” The reality is, it is never too early to begin planning for worst-case scenarios. Someone entering their early twenties should absolutely get in touch with an estate planning attorney to ensure their loved ones are taken care of in the event of a tragedy. Estate planning does not have to be complicated, and it’s certainly not only for the old and rich. Today, Davidson Law Group will discuss why young people should engage in estate planning, and how it will benefit you and your loved ones.
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Begin By Naming a Decision Maker
Estate planning is much more than creating a Last Will and Testament. Something everyone should do as soon as they turn 18 is to name someone they trust as a power of attorney and health care proxy. Many parents are surprised to learn that once their children turn 18, they can’t make a doctor or dentist appointment for their child. Naming a power of attorney and health care proxy will empower an adult to make healthcare and financial decisions for you in the event you become incapacitated.
Name Your Beneficiaries
You do not have to be rich to ensure your loved ones are taken care of in the event of a tragedy. Many young adults’ first jobs will include benefits such as 401k or life insurance coverage. Naming an official beneficiary will ensure that your assets end up in the hands of whomever you trust. Without a will, the court will decide who gets a person’s assets, no matter the value. This could result in loved ones ending up empty-handed. For example, say you have a long-term relationship with someone you have not yet married. This person will likely be left out of any legal rights to your property unless you name them in your will.
You should also keep your debts in mind when beginning your estate planning. Depending on what type of student loans or credit card debt you have incurred, you could end up leaving your loved ones responsible for that amount without the resources to handle them.
Seek the Help of an Estate Planning Professional
With the rise of online resources, more people are going the do-it-yourself route. Estate planning, however, can be a very complicated process. Online templates may help you create guidelines but will often lack the specificity needed to ensure your requirements are exactly met. An estate planning attorney will ensure that you get the personalized guidance of a professional.
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Contact Davidson Law Group Today
While estate planning may seem unnecessary in your 20s, you never know when tragedy can strike. Laying the groundwork for your estate if the worst occurs will ensure that you and your loved ones are prepared if the unexpected happens. Contact the Davidson Law Group today in Fort Worth, Allen, or Tyler to discuss your needs and wants with a team of attorneys dedicated to you.