There are many different confusing concepts about becoming an adult, but one of them that you must consider is whether or not you need estate planning documents. And here is the spoiler alert; you do. You need the same core principles of financial and estate planning as someone in their 30s, 40s, and 50s even if you have just graduated from college. What changes over the course of this time is the level of focus you should apply to financial issues and estate planning.
On a starting salary that must get you through your days and cover your basic monthly bills, you might still have opportunities to protect your interests and ensure that you have estate planning documents naming the person or people who are eligible to make decisions if you become incapacitated. While most people assume that estate planning is a process most specific to older people, it is still important to think about how potential incapacity, disability or an accident could render you unable to manage your own finances or make medical decisions on your behalf.
Many people who suffer a disability or an incapacitating event are well under the age of 60 and, therefore, that should be your top priority when consulting with an estate planning attorney. Having a team of financial advisors and an estate planning attorney sooner rather than later, gives you the peace of mind that if something were to happen to you, even if you view it as an unlikely event, that you have taken the necessary precautionary steps to make things easier for your loved ones.
There is a good chance that you probably haven’t had a conversation about what you want your medical care to look like or what your financial priorities would be if you can’t speak for yourself. It is far better to outline this in paper and keep it as a just in case document. Our Pasadena estate planning lawyers are here to help.