Age is irrelevant when it comes to estate planning. Most young adults do not consider drafting such a plan a top priority. An estate plan goes beyond determining what becomes of property when someone dies. It is a set of legal documents which allow people to leave instructions regarding their care if they become incapacitated and distribution of assets if they pass on. These documents include a will, trust, living will, health care proxy or even funeral instructions. Death is a subject most avoid to discuss and prepare for but it is unfortunate to think of how state law will determine what becomes of personal belongings.
Getting Affairs in Order
An “estate” is basically anything one owns. Take stock of all assets. These assets include but are not limited to:
- Retirement accounts
- Insurance policies
- Real estate and business interests
- Valuable items (financial or personal) such as jewelry, cars, etc.
One should always decide how personal belongings will be distributed and who will inherit them. This is also the time to consider which people can be trusted to handle business affairs and medical care in the event that a person becomes incapacitated. Incapacitations may include injuries sustained from illness, medical conditions, accidents, etc.
Start Now, Regardless of Net Worth or Age
Estate planning experts and attorneys believe that the wealth or level of debt a person holds should play no role in their decision to have their affairs in order. Taking the time to prepare now means less overwhelming dilemmas later. Anyone 18 or older should consider an estate plan. It is important for young adults to draft one to appoint trusted individuals to make medical and financial decisions in the event they are unable to do so themselves.
The sooner someone starts planning, the more prepared they will be for life’s unexpected twists and turns. Anyone contemplating the preparation of an estate plan should schedule an appointment with McAllen’s probate attorneys of Barrera, Sanchez, & Associates, P.C. at (956) 287-7555.