It’s wise for younger generations to consider estate planning early, advises The Cleveland Jewish News in the recent article “Younger generations should focus on estate planning, too.” Don’t be fooled into thinking that an estate plan is only for older people or the ultra-wealthy. In fact, there are many younger adults who may need it, especially if they have been financially successful and also have experienced changes with marriage and families.
This is especially important for young people who are in committed relationships. A young married couple should talk together about their vision and goals for their financial, health, and legal affairs, in case something happens to one of them or within their families.
Estate plans provide some certainty in an otherwise uncertain life. There are many reasons to start early. One reason is that you never know what’s going to happen. You want to make certain that all of your assets are in place.
When creating an estate plan, there are a few things that younger people should consider, such as making sure all their accounts have named a beneficiary. This includes life insurance, retirement, and checking and savings accounts. These beneficiaries need to be reviewed on an ongoing basis and updated for life and family changes.
Many younger adults will be fine with just a will, a financial power of attorney, and a health care power of attorney. However, marriage is a time when people begin to have more complexity in their professional lives. This can include starting a business or becoming leaders at companies and that may require more complex and protective plans.
While younger generations are known to be independent and to try to meet all their needs online, estate plans should be treated differently. There are numerous online tools or ‘do-it-yourself’ strategies, but professional legal assistance can make it an easier and a more thorough process. Remember, when you meet with an attorney, you are not just getting the papers; you are also receiving their guidance and expertise, crafted to address the needs of your specific situation.
Start as early as you can and set the foundation for more complex planning that will come in the future. This preparation will mean less stress for those left behind after you pass away.
Reference: Cleveland Jewish News (September 19, 2019) “Younger generations should focus on estate planning, too”