Q. I’m still young—why should I bother thinking about estate planning now?
A. No matter your age, economic level, or marital status, estate planning is something EVERYONE needs to address. No one has a crystal ball to see what will happen tomorrow, so the need to have key documents ready and plans in place
First, you need a will. You may ask why a will is important if there’s not much to pass on. A will is not just about transferring assets. It can be used to accomplish other tasks, such as naming who should manage your social media accounts once you’re gone or inherit items you’ve accumulated, like collectibles or your car. Don’t burden others with burial expenses. Funerals can be expensive, and if you don’t have the savings to meet those costs, that burden gets shifted to others.
Consider a medical directive. This important document states your wishes for end-of-life care. In the case of an unfortunate accident, a medical directive provides instructions about the level of care you want.
Create a durable power of attorney for health care. In the event that you are unable to make medical decisions for yourself, this gives the individual of your choice the legal power to act as a healthcare proxy for you.
These important planning steps can be accomplished at a small cost!
Invest an hour to learn more with me by requesting a free consultation today.