Many people believe that the time to start estate planning is only for the elderly. In reality, estate planning is beneficial for anyone who wants to have a say over what happens to them, their property, and to their loved ones. If you are young and healthy, this is probably the furthest thing from your mind, but accidents happen. While we certainly hope this will never happen to you, it is always a good thing to be prepared. (See previous blog "Why it’s a Good Idea to Have a Will!").
If you die without an estate plan, your state legislature will provide one for you. This is referred to as “intestate succession.” If you don’t have an estate plan you have no control over who gets what after you die and this can lead to a lot of unnecessary stress on your family members.
It’s equally important for you to consider what will happen if you become incapacitated and cannot communicate your wishes to medical personnel. Who do you want making your medical decisions for you? The good news is you can dictate who you want to make these decisions for you, and can speak for you when you can’t.
Another integral part of estate planning is financial power of attorney. This is something else to consider in the event you become incapacitated or otherwise unable to handle your own finances. This gives a trusted person of your choosing the power to make financial decisions for you when you cannot.
There are many reasons why it’s important to estate plan. We know it’s not an easy thing to plan for especially if you are young and healthy, but we are here to help if you need us!