It’s wise for younger generations to consider estate planning, advises The Cleveland Jewish News in the recent article “Younger generations should focus on estate planning, too.”
Don’t be fooled into thinking that an estate plan is only for older people or the ultra-wealthy. Many younger adults have been financially successful and also have experienced changes with marriage and families.
A young married couple should talk about their vision and goals for their legal affairs, in case something happens to one of them or within their family.
Estate plans provide some certainty into an otherwise uncertain life. There are many reasons to start early. One reason is that you never know what’s going to happen. You want to make certain that all of your assets are in place.
When creating an estate plan, there are a few things that younger people should consider, such as making sure all their accounts have a named beneficiary. This includes life insurance, retirement, and checking and savings accounts. These beneficiaries need to be updated for life and family changes.
Many younger adults will be fine with a will and a health care power of attorney. However, marriage is a time when people have more complexity in their professional lives. This can include starting a business, becoming leaders at companies and needing more complex and protective plans. Typically, a revocable living trust is the preferred method of estate planning.
While younger generations are known to be independent and to try to meet all their needs online, estate plans should be treated differently. There are numerous online tools or ‘do-it-yourself’ strategies, but professional legal assistance can make it an easier and a more thorough process.
Start as early as you can and set the foundation for more complex planning that will come in the future. This preparation will mean less stress for those left behind, after you pass away.
Reference: Cleveland Jewish News (September 19, 2019) “Younger generations should focus on estate planning, too”