When many people think about estate planning, they think of it as something that only applies to older people. As a result, they keep putting it off and end up completely unprotected. The statistics paint a stark picture: only one in three Americans has a will, let alone advance health care directives or other essential estate planning documents. The truth is, you never know what will happen, and it’s never too late to begin future planning. Putting it off benefits no one, and there’s no time like the present to begin protecting your future.
Estate Planning for the Young
It only makes sense. When you’re in your 20s and 30s, you simply aren’t thinking about the end of your life. In addition, younger people are just beginning to accumulate wealth, so they often feel like they don’t have any assets worth protecting. The fact is, though, that there is more to estate planning than simply drafting a will or starting a trust. Healthcare documents such as a durable power of attorney or a living will are essential for protecting yourself in case you should become seriously ill or incapacitated. In addition, most people have more resources than they think, so future planning is a great way to ensure that you maintain control over these assets.
Special Estate Planning Considerations for Younger People
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- Healthcare Documents. Among the most overlooked aspects of estate planning are healthcare documents. These include a durable power of attorney, which allows you to name a person to make healthcare decisions on your behalf if you become incapacitated, and a living will, which outlines your healthcare preferences in detail. These documents, which are too often ignored by younger people, are the most important way to protect yourself from any unexpected occurrences.
- Will and Testament. While setting up a trust is probably not an attractive option for most young people, simply drawing up a last will and testament is an easy way for you to set about protecting your future. Even if you don’t own any property, you probably have a number of valuable assets worth protecting, such as a car or a retirement account.
- Digital Assets. While estate planning in the past was confined to more traditional assets such as savings accounts and homes, in recent years digital assets such as cryptocurrency have become part of the equation. Virtually the entire cryptocurrency market is dominated by people under 40, so if you have any Bitcoin or other digital assets, you’ll need to take special measures to protect them when it comes to estate planning.
Contact the Estate Planning Attorneys at Deliberato Law Center
Estate planning can be a daunting task at any age. If you’re young, it may be especially difficult to know where to start. Luckily, the experienced estate planning attorneys at Deliberato Law Center are here to help. Give us a call today at (216) 341-3413 or fill out the form below and get started protecting your future today.
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