It’s St. Patrick’s Day, and may just be your lucky month. But out of all the things to bet on, having no plan for your assets after death is not one of them.
You’re young and thriving. You may have just bought your first home or established yourself in your career. Even if you do not have much to your name, you don’t want to risk all your assets going to the state after your death. Instead, be sure your loved ones are cared for by setting up an estate plan.
4 Reasons: Estate Planning for Young Adults
If you wonder why you would need to make plans for your assets at such a young age, we’ve got answers.
1. Plan for the Unexpected: Unfortunately, nobody plans to pass away at a young age. Get your affairs in order, so your family knows they were on your mind. The last thing you want is all your assets tied up in probate while your family struggles to pay the mortgage. Set up a trust or create a will to specify your beneficiaries with no room for confusion.
2. Durable Power of Attorney: If you become incapacitated and unable to pay your bills, you can name a durable power of attorney in your estate plan. This person has a right to act in your name and continue your financial payments until you can run things yourself.
3. Medical Power of Attorney: Health needs arise where decisions must be made in the operating room or after an accident while you are incapable. Name a medical power of attorney to speak for you in these special circumstances.
4. Guardianship for Children: Children under the age of 18 must fall into someone else’s care when their parents pass away. If you have children, speak with your family or friends, and officially name someone as guardian over your children if the unspeakable were to occur.
It’s Time to Call the Professionals
Get help with your official estate plan by working with Miles & Hatcher, LLP. You can draw up an estate plan to help you prepare for the unexpected. Learn about passing down your assets to the most cherished people in your life—call (909) 481-4080 to arrange a meeting.