Do young adults need to have an estate plan? What should young adults consider about estate planning? Is estate planning for young adults necessary? Read this article to learn more.
Take a look at these points.
As a young adult, you may not think that you need an estate plan. However, you need to have an estate plan, especially since you are over the age of 18. You need to plan for unforeseen circumstances. Nothing is guaranteed in life. What might happen if you pass away at a young age or become disabled later on in your life? Young adults have to think about preparing some estate planning documents. An estate planning attorney can assist young adults in preparing an estate plan.
Estate planning for young adults:
- With an estate plan, you can assist your favourite charities.
- A young adult should have a will. A will lets a young adult designate which person should receive her assets when she passes away.
- What happens if you become incapacitated? With a durable power of attorney for health care, someone else has the legal authority to make health care decisions if you cannot make them.
- It is vital to have a durable financial power of attorney. You can appoint a trusted person to make essential financial decisions on your behalf. A financial power of attorney can be activated when you cannot make decisions on your own, or it can begin as soon as it is signed.
What else should you consider?
Which individual should you appoint to make medical or financial decisions on your behalf? You can decide to choose a family member to make these all-important decisions on your behalf.
Make sure that the person you choose is trustworthy. It is essential for you to have an honest discussion with the person you choose, regarding your wishes. The person you choose has to be reliable.
Now that you know more about estate planning for young adults, all that you need to do is to have an estate plan created. You must have a plan in place for the future, especially as a young adult.
DR MERVIN MESSIAS
JD (Juris Doctor) / BA, LLB (Wits) / TEP (Trust & Estate Practitioner) / MTP (Master Tax Practitioner – S.A)