Estate plans aren’t just important for older adults with large estates, they are also vital for young adults who own any assets to ensure that these assets will be handled according to your wishes should something happen to you. In this post, I’ll share about the documents you need to have as a part of your estate plan.
What Documents Are Needed for An Estate Plan?
The documents you will want to include in your estate plan may vary depending upon the specifics of your situation, but for those who are young and single, you might only need a few relatively simple documents including a will, a durable power of attorney, and an advance directive. You may want a trust to control the management and distribution of your assets if you have substantial wealth. Here are some basics about each of these documents:
- A will (also known as a last will and testament) allows you to outline how your assets are to be distributed. You can also name a guardian for any minor children you have and leave instructions for the care of your pets.
- A durable power of attorney is used to choose someone to help manage your finances should you become unable to do so, such as if you become incapacitated.
- An advance directive allows you to define your wishes for end-of-life treatment if you become too ill to direct your own care. You can also choose someone to communicate with doctors and make medical decisions if you become incapacitated.
- A trust is an agreement allowing a third party (called a trustee) to manage assets on behalf of your beneficiaries.
After creating your estate plan, you’ll want to make sure to review it every few years as well as every time you have a life-changing event occur (such as marriage, divorce, an addition to your family, or the death of a loved one) to make sure that your estate plan still reflects your wishes.
It is beneficial for everyone to have an estate plan, no matter your financial status.
For help with your estate plan, contact us at Wilson and Wilson Estate Planning and Elder Law, LLC at 708-482-7090.
https://www.dbllawyers.com/the-importance-of-estate-planning-for-young-adults/