Today’s younger generation holds tight to the belief that estate planning is for the wealthy. This blog is the first in a series that will walk you through some of the most important reasons to consider beginning your estate planning today.
You most likely have heard of a will and power of attorney. Perhaps your parents or grandparents have mentioned that they have these documents. What you need to be aware of is that these documents are not discriminative by age. A will and a power of attorney provide protection in the event of your death or incapacity. Most importantly, these two documents carry out your wishes and what you would approve, in the handling of your affairs, your health or the guardianship of your children. Without these documents, decisions will be made that you may or not approve of and require intervention by the state and/or court system. It is important to note that spouses or partners cannot make these decisions unless you provide them the authority through your estate planning documents.
If you can answer yes to any of these questions, contact an estate planning attorney. Not sure who to call? Please contact me at firstname.lastname@example.org for a list of referrals.
- Are you married?
- Do you have children? Would you want to be the one to decide who would be their guardian?
- Do you work?
- Do you travel for business or for leisure?
- Do you have strong beliefs in the medical care you would want if you are unable to make your own decision?
- Would you want someone specific to make those medical decisions for you, if you were unable to?
- Who will have the ability to handle your financial affairs if you are unable to?
Without a will or power of attorney, these decisions will not be yours. It’s time to begin your estate planning.