A common misconception is that estate planning is only necessary for the elderly, wealthy, sick, or when death is visibly impending. Trouble is… the unexpected. Families can be left scrambling – not knowing where to begin, and compromised – in making injury or death claims, settling legal matters, and providing for young children. Every situation is different but for those under 35, we recommend a few basics to protect you in a variety of situations:
Understand the issues, beyond the internet, to avoid becoming a cautionary tale.
Last Will & Testament
Regardless of the amount of assets you have, a Will assures your assets land where you intend – a particular person, group, or organization. And your Will can take into consideration the age of your beneficiaries, investments, inheritances, and monies due your Estate. At the very least, having a Will tremendously expedites the estate settlement process as you are telling the Court who you want to appoint to carry out your estate settlement and in what manner.
Living Will/Health Care Proxy
In the event of an emergency, illness, or accident leaving you unable to communicate your wishes, a health care directive appoints a representative of your choice to make medical decisions pursuant to your written directions. This document eliminates the need to commence a costly Guardianship proceeding which would be necessary in the event of an emergency. In both emergency and everyday situations, a Health Care Proxy allows your agent to contact insurance companies, work with, hire doctors, deal with insurance companies and obtain information from doctors and other medical professionals, if you are not able to do so yourself.