Most people think estate planning is only for the elderly or the super-wealthy. But the truth is, if you have a pet, kids, a bank account, or even just preferences for your medical care, you need an estate plan. So why don’t young adults start future planning sooner? The problem is that estate planning is not often taught or discussed, so many young adults don’t realize how important it is until they lose a loved one and get a front-row seat to probate—the mess that can happen without a plan.
While you’re still young and healthy, estate planning can ensure the ones who mean the most to you are cared for regardless of the unexpected turns life might take. Having a plan in place can also save a lot of stress and confusion for both you and your loved ones.
Documents to Include in Your Estate Plan
Advance Health Care Directive
This document, also known as a Living Will, outlines your medical preferences and ensures your wishes are honored in case you are unable to communicate them yourself.
HIPAA Authorization
Medical privacy laws can prevent your loved ones from accessing your health information. However, this document appoints people you trust to speak with doctors, receive updates, and make health decisions on your behalf if something happens to you.
Power of Attorney
If you’re unable to manage your finances due to illness or an accident, this document allows you to assign someone to handle matters on your behalf, such as paying bills, managing your business, and even making personal decisions for you.
Last Will & Testament
These documents are where you can leave the decision of who gets your assets when you’re gone and, if you have kids or a pet, who will take care of them. As mentioned before, you don’t need to leave behind a great deal of wealth; these documents can also specify who inherits any sentimental items.
The Probate Surprise
One of the biggest shocks people face after a loved one passes is probate—the long, expensive, and often frustrating legal process of settling an estate. Without proper documents in place, your legacy can get tied up in court for months or even years. An estate plan can help your loved ones avoid probate, or at least ensure a much smoother process for them.
Contact the Experienced Estate Planning Attorneys at Deliberato Law Center
At Deliberato Law Center, we believe even if you’re young, now is the best time to start future planning and set up your estate plan. If you have adult children, it’s also worth having a conversation about getting their estate plans in order. Give us a call at (216) 341-3413 or fill out the form below to get started on planning your future.
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