Couple Signing a ContractEstate planning is not only for the elderly or for the rich. Even individuals who do not have a significant amount of assets or are relatively young still need to be considering how their assets may be distributed in the event of such a tragedy.

Young adults often do not need many complicated things in order to complete their estate planning. They may simply need several different important documents in order to protect them to ensure that a catastrophic situation isn’t made any worst. One of the most important steps for young individuals to take is to name a decision maker. The term estate planning can initially be misleading since it may encompass more than simply putting together a will.

Estate planning is also a process that should begin as soon as a person becomes legally classified as an adult. The primary reason for this is that in the event that something happens to you, you may want another individual to step in and make financial or health care decisions on your behalf. Since most younger individuals never think about this, they may be in a potentially problematic situation if they are involved in a car accident or suffer a sudden disability which would prompt someone else to step in and make decisions on their behalf.

A young adult’s first priority after turning 18 should be obtaining a healthcare proxy and a durable power of attorney, both of which can be accomplished after consulting with an experienced estate planning lawyer.

 

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