When you are just out of college and starting a family, estate planning is generally the last thing on your mind. However, you may know of someone that passed away without having their affairs in order, and left their family to pick up the pieces. This situation typically causes a disaster, with family arguments over the division of property, estrangements and lengthy battles in probate court. No one is promised another day, and you really can't know when you are going to pass away. For this reason, you should start estate planning immediately, to ensure that your family and your assets are squared away if the unthinkable happens.
Living Will
The first and most important aspect of estate planning is to create a will that directs the disposition of your assets when you pass away. If you are just starting out into adulthood, you may not have a lot of assets to list. However, you should still have a will drawn up, and make it a practice to update your will whenever you have a major life change, such as a marriage, divorce, birth or adoption of a child, or a death in your own family. Keep a copy for yourself and give copies to trusted family members or friends. You can also go ahead and choose an executor for your estate at this time.
Advanced Directives
You should also set forth Advanced Directives that make your wishes known in the event that you become incapacitated and can't speak for yourself. You may wish to be resuscitated if there is any chance of any type of life. You may choose to be taken off life support if you end up in a coma that doctors are sure you will never wake up from. These things should all be considered and specified so your loved ones can honor your wishes.
Funeral Planning
When you are in your young adult years, there isn't much need to worry about funeral planning. This is generally done by elder folks who want to pre-pay for their funeral and burial so their heirs don't have to worry about those things. As a young adult, your money will be put to better use in savings or investments. You should, however, obtain a life insurance policy that will cover your final expenses. You should also let your loved ones know your desires in regards to funeral, burial or cremation, and other related issues.
Many young adults are scared to think of estate planning, as this reminds them of their own mortality. However, it is something that everyone will face, and it is important to plan now so your loved ones will have less of a burden when you do pass on.
Share15 March 2016
Over the years, I have learned several lessons the most difficult ways possible. One lesson that I have learned is to never try to handle legal issues without legal representation working with you. I have faced fines and penalties that could have been greatly reduced had I hired an attorney to represent me in court. This blog will show you several ways you could benefit from paying for the legal fees associated with hiring an attorney anytime a legal issue may arise. You will also find examples of how things can go terribly wrong if you don't hire an attorney.
