August is National Make a Will Month, and while estate planning is often associated with older individuals nearing the end of their lives, it holds significant benefits for younger generations as they navigate milestones like marriage, starting families, and health considerations. It’s never too early to prepare for the future, and an increasing number of young adults are proactively planning ahead. Here are essential tips for younger adults:
- Create a Last Will and Testament (“Will”)
A Will is a crucial legal document that outlines your wishes regarding the disposition of your assets. Whether it involves leaving everything to your spouse or detailing specific bequests like a cherished heirloom for your daughter. A will ensures clarity and prevents potential disputes among family members. This foresight is crucial as it communicates your wishes clearly even after you are no longer able to personally convey them.
Without a Will, the administration of an individual’s estate is controlled by the laws of intestate succession. Those laws may not follow your true wishes when it comes to the disposition of your assets. Additionally, a Will can save your loved one’s considerable time, effort and cost.
- Designate Guardianship for Minor Children
Selecting guardians for your children is vital in the unfortunate event of your untimely passing. Including this provision in your Will ensures that the individuals you choose to serve as guardians have legal authority to care for your children as you would, providing essential peace of mind.
- Create a Durable Power of Attorney and Health Care Documents including a Living Will and Health Care Power of Attorney
These documents are crucial for managing your financial and healthcare needs should you become mentally or physically incapacitated. Although it is difficult to imagine a time when you may not be able to care for yourself or your family, having these documents in place will help prevent a challenging situation from becoming even more difficult.
A Durable Power of Attorney grants authority to an appointed agent to manage your financial affairs in case of your incapacity. Additionally, a Health Care Power of Attorney allows you to appoint someone to make medical decisions on your behalf in the event that you are unable to do so on your own. Lastly, a Living Will allows you to specify your wishes with regard to medical treatment, ensuring that your preferences are followed in the event that you are unable to express them yourself.
- Consider a Trust.
Depending on your circumstances, you may also want to incorporate a trust into your estate plan. A Trust can provide greater flexibility, guidance and control over the disposition of your assets after you are gone, particularly if you have minor children.
- Seek Professional Guidance
At Flannery | Georgalis LLC, our estate planning team specializes in assisting individuals of all ages. Whether you’re considering a will, power of attorney, or medical directives, we provide tailored legal guidance to help you safeguard your future.