If you’re in your twenties, or even your thirties, you may think that you’re too young to worry about estate planning. But the fact is even young adults generally have some assets and would prefer for those to go to their loved ones. In addition, should something happen and you become unable to manage your own decisions, it’s important that you designate trusted individuals to make these decisions on your behalf. Getting your estate planning documents in order will allow you to rest easy, knowing you’re protected from any unexpected events—no matter your current age.
Essential Estate Planning Documents
Estate planning is a wide-ranging process that helps you plan for your future and protects you and your family in many different ways. There are a number of essential documents that you’ll want to be sure to fill out to be sure you’re properly covered:
- Will: Although you may think you’re too young to fill out a will, it’s never too early to protect your valued property and ensure it goes to your loved ones should something happen to you. Most people own at least some valuable assets, and a will is the best way to safeguard these valuables and allow your legacy to live on.
- Power of Attorney and Other Healthcare Documents: A durable power of attorney (POA) allows you to appoint a trusted individual to make decisions on your behalf should you become incapacitated or otherwise unable to make financial or healthcare decisions for yourself. Other healthcare documents, such as a living will, offer more detailed instructions about end-of-life wishes.
- Beneficiary Designations: If you have a retirement account, financial investments, or a life insurance policy, you can name a designated beneficiary who will receive this account should you pass on. With a beneficiary designation, the account transfers immediately to this individual and does not get caught up in the lengthy probate process.
Digital Assets
Nowadays, most people own significant digital assets, from social media accounts to cryptocurrency. Living in a digital world creates new challenges when it comes to estate planning, but it is important to be sure that all these assets are accounted for. It’s a good idea to make a list of all your accounts, passwords, and other assets. After that, you’ll want to decide who should have access to these assets and be sure to leave them detailed instructions about how to access them. Accounting for digital assets in your will and other estate planning documents is an essential part of the process. These assets can easily be overlooked, but they are, in many cases, just as important as your physical assets.
Contact Caress Law
If you have questions about any aspect of estate planning, please do not hesitate to contact the attorneys at Caress Law, PC. We have many years of experience helping our clients secure their future, and we’re here to bring you peace of mind. Give us a call at (503) 292-8990 or fill out the form below to get started today.
