If you are in your twenties or thirties, you may think that it is too early to make an estate plan. It is never too early to start planning, especially if you have a family or have experienced a major life change.
Who Will Make Decisions If You Can’t?
Life can change in an instant. People can become incapacitated and unable to communicate with doctors, relatives, and caretakers without any warning. If you suddenly cannot live your life as you usually do, someone may need to make decisions for you.
You may think of estate planning as merely making a will or trust, but it also can help if you are incapacitated. In California, the advance health care directive enables you to choose who will (and who won’t) make your medical decisions. Also, you can specify what kind of medical care you want to receive and make end-of-life arrangements. This document is essential for younger people, including those who care for relatives or have families.
Protect Your Family and Yourself
An estate plan can help you protect your family and yourself. If you have substantial debts or own any kind of property, the plan will tell your relatives how to distribute your estate. It may prevent your family from being overwhelmed by your debts, depending on how you structure your plan. Further, if you have dependents or relatives you care for, you can leave money to them. You also can name a guardian or conservator to take care of them if you cannot.
Adapt to Major Life Changes
If you have recently experienced a major life change, making an estate plan is a great idea. For example, you may have recently had a new child, lost a relative, or been married or divorced. Your estate plan will help ensure that a new child or spouse is protected, while accounting for windfalls from inheritances or deaths in the family.
Younger people making estate plans often choose to purchase life insurance, which can help protect children and spouses. The life insurance check could make up for a few months or years of lost income in your family. Depending on which kinds of assets you own, you may want other estate planning structures too. If you are interested in making an estate plan in your twenties or thirties, reach out to a local lawyer today.
Planning your estate? Look to Janet Brewer, Esq. for thorough and thoughtful estate planning advice. Janet’s more than 20 years of legal experience will give you confidence and peace of mind. To schedule a “Get Acquainted” meeting, visit Janet's website or call her office at (650) 469-8206.