Estate planning is not just for the over-45 crowd. However, every person of every age can benefit from a good estate plan. When you consider the reasons for estate planning, it’s clear – estate planning for young professionals is a must.
A Basic Estate Plan
The Will may be the foundation of an estate plan, but the following documents are important, too:
- Durable Power of Attorney
- Durable Power of Attorney for Health Care
- Living Will or Declaration
- Revocable Living Trust.
Each document addresses a different problem or goal that young professionals might have. For example, a Will states how assets should be distributed to heirs. But, do young professionals really have enough property to justify writing a Will?
Yes, Young Professionals Have Assets
Most young adults haven’t accomplished the American Dream of owning a home, a boat, and a large bank account – yet. However, most still own some kind of asset. And the harsh reality is that people of all ages die, and their property has to go somewhere.
A Will or revocable trust may help. The person signing a Will (the testator) can make specific small gifts in a Will or direct that their entire estate be given to someone. A revocable trust is funded with most or all of the grantor’s assets. After the testator’s death, their Will is probated, claims are paid, and assets are distributed. When the grantor dies, the trust assets may automatically transfer to the named beneficiaries according to the terms of the trust.
Some potential estate assets are pretty obvious, like a home or wine collection. But even personal property can become part of a person’s probate estate.
Accidents Happen, Even to Young Professionals
No one wants to think about death or incapacity, but both happen. In fact, accidental injury is a leading cause of death. That statistic doesn’t take into account the number of people incapacitated by an injury.
Your Family Doesn’t Need More Stress
This is where the durable power of attorney, durable power of attorney for health care, and living will/declaration fit in.
- Signing a durable power of attorney authorizes a trusted person to make financial decisions for you if necessary. The powers granted can be broad or limited and can start immediately or only after a triggering event.
- A durable power of attorney for health care also authorizes an agent to act on your behalf. However, the agent is authorized to make decisions about health care.
- Finally, the living will or declaration gives instructions about end-of-life treatments.
Having these three documents in place may provide a little peace to your family at a very stressful time.
Explore Your Estate Planning Options
The attorneys at the Lambros Law Office have the skill and experience to help you craft an estate plan that meets your needs. To schedule an appointment, call us at 401-383-9899 or use our convenient Contact Form. Although located in Cranston, we assist clients throughout Providence and Kent Counties.
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