If you're young, the top priorities on your mind are probably education, advancing your career, traveling the world, or meeting new people. Understandably, you aren't very likely to be worrying about the far end of your future, especially when it comes to planning out your estate. As distant or unrelated as a topic as estate planning might seem right now, that does not make it any less important.
Drafting a Will While You're Young
If you are involved in a fatal accident or are suddenly stricken with a life-threatening illness, any of your assets that you have accrued – your property and your savings, mainly – at a young age will likely go directly to your immediate family. While this could be exactly what you want to happen, what if it isn't? The simplest solution is to create a will with an estate planning attorney. Taking some time to sit down with your lawyer and discuss what should go where if you pass away unexpectedly can take a serious load off your shoulders, and provide some relief to your loved ones.
Consider Living Wills & Power of Attorneys, Too
Do not get thrown off by the similar names – a living will is different from a traditional last will and testament. A living will directs loved ones and medical professionals as to what to do if you become seriously debilitated. For example, you can describe what medical procedures should be used, or not used, in an attempt to save your life.
If you create a durable power of attorney at a young age, you will be giving direct authority to someone you trust when you cannot make decisions for yourself. This acts as an additional and welcome barrier between you and a stranger when it comes to your treatment should you become incapacitated.
But Why Do All This When I Am So Young?
There is no age requirement to finding peace of mind, which is exactly what you will gain the moment you finish your estate plan. The truth is that as you go forward in your life, you are going to start collecting assets quicker than you realize. You might pay off the title on your car, start putting money towards a home, or land a great job that allows you to regularly add wages into a savings or retirement account. Regardless of how you are building your estate, it is going to start happening sooner than later, and you need to protect it with a thorough plan ahead of time.
If you live in Southern California and have not yet drafted your estate plan, contact P. Arnsen Blakely today. Our Orange County and Newport Beach estate planning attorney has decades of legal experience and is backed by numerous five star
client testimonials. No matter the size of your estate or the number of gray hairs on your head, we can provide you with intelligent and knowledgeable guidance that works with you to build a comprehensive estate plan that fits your unique needs.
Schedule your free case evaluation with our firm today to get started.