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, with a spouse and children to be concerned with protecting.
A young married couple should talk about their vision and goals for their legal affairs, in case something happens to one, or both of them.
Estate plans provide peace of mind in an otherwise uncertain life. There are many reasons to start early. One reason is that you never know when the worst might happen. You want to make certain that all of your affairs are in order with a plan in place should the worst happen unexpectedly.
When creating an estate plan, there are a few things that younger people should consider, such as making sure all their accounts have named a beneficiary. This includes life insurance, retirement, and checking and savings accounts. These beneficiaries need to be updated for life and family changes.
Many young adults may be fine with a will and powers of attorney in place. However, marriage is a time when people have more complexity in their lives. This could be because they have children, have started a business, or become leaders at their place of employment and needing more complex and protective plans. Because of these complications, married individuals may need estate planning that is more complex in its scope.
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 working with an attorney can assure a more comprehensive plan is in place and that your plan will actually work.
Start as early as you can with creating an estate plan, which can grow and change as your own personal and financial needs evolve over time. This preparation will result in less stress, less expense, and less uncertainty for those left behind, after you pass away.
Reference: Cleveland Jewish News (September 19, 2019) “Younger generations should focus on estate planning, too”
