One of the biggest reasons for people to put off estate planning is because they assume it doesn’t apply to them. Most younger individuals, especially people heading off to college, but even married couples in their 20s and 30s, believe they don’t need an estate plan. This can be even more prevalent if these people have not purchased a house, gotten married, accumulated significant assets, or had a child.
Furthermore, many people in these younger age demographics are concerned with other financial priorities, such as paying off student loans. However, it’s never too early to start securing your financial future, and estate planning is an important component of safeguarding your legacy. Furthermore, there are many instances that can influence your life today, many years in advance of your future passing.
An incapacitating event such as an accident, unexpected injury or illness could render you unable to make decisions for yourself or unable to manage your own finances. This is when important documents such as powers of attorney can come into play, and they should be created for any adult over age 18. Even if you don’t have substantial assets and believe you don’t need comprehensive estate planning at this time, creating a simple will allows you to determine what property is transferred to your heirs after you pass away.
If you were to pass away much earlier than expected with no will in place, the state takes over and determines the distribution of your assets. To avoid these complex circumstances and instead have more of a say over your estate planning process, contact a local estate planning lawyer.
If you have questions or concerns about what it looks like to properly plan a California estate, let our Pasadena estate attorneys assist you with that process.