You might think you don’t need an estate plan because you’re young and healthy. Or you don’t have enough assets to create an estate plan. Everyone can benefit from having an estate plan. Here’s why everyone in their 30s needs to create an estate plan.
What is Estate Planning?
The estate planning process involves creating a document (or set of documents) that outlines your wishes for how your property and assets will be distributed after your death. Your estate plan can also designate someone to make financial and medical decisions on your behalf if you become incapacitated.
Why You Need an Estate Plan
There are many good reasons to create an estate plan, even if you’re still young and healthy.
- Designate someone to make decisions for you if you become incapacitated.
- Ensure that your property and assets are distributed the way you want them to be after your death.
- Minimize the amount of stress and confusion your loved ones will experience after your death.
- Make sure your loved ones are taken care of financially after your death.
- Give yourself peace of mind knowing that you have everything taken care of.
Creating an estate plan is one of the best things you can do for yourself and your loved ones. If you don’t have an estate plan, now is the time to create one.
Creating Your Estate Plan
The best way to create an estate plan is to consult with an experienced estate planning attorney. An attorney can help you determine which documents you need and guide you through the process of creating a comprehensive and tailored plan for your unique circumstances. Here are a few things you can think through if you’re planning on getting started with estate planning:
- Make a list of your assets and property.
- Decide who you want to inherit your assets and property.
- Choose someone to make financial and medical decisions on your behalf if you become incapacitated.
- Draft a will specifying how you want your assets and property distributed after your death.
- Make sure your estate plan is updated regularly to reflect changes in your life and circumstances.
Don’t wait until it’s too late—now is the time to start estate planning. An estate plan can give you peace of mind knowing that your loved ones will be taken care of according to your wishes. If you have young children, an estate plan can ensure that they will be taken care of by the guardian(s) of your choice if something happens to you and/or your spouse. The best way to create an estate plan is to consult an experienced estate planning attorney who can help you determine which documents you need and guide you through creating a comprehensive and tailored plan for your unique circumstances.