In any comprehensive estate plan, a letter of instruction (LOI) is an important component. An…
Why 20 and 30-Somethings Should Have an Estate Plan!
It is safe to say that estate planning is generally not a prime consideration for most young adults in their 20s or 30s. The truth is that estate planning for people in this age group is just as important as it is for anyone else!
If you are unable to make your own health care decisions or financial decisions, it is important to ensure that someone trustworthy is authorized by law to make decisions on your behalf: Therefore, anyone age 18 or older should have the following documents:
A Durable Power of Attorney allows an individual that you select to make financial decisions for you, if necessary. Similarly, your Health Care Proxy will designate an individual of your choosing to make healthcare decisions for you if needed.
In addition, for individuals with young families, a Last Will and Testament is not only necessary to set forth who should inherit your assets, but it will also designate guardians for your minor children. Guardian appointments stipulate the person or people who will take care of the children, should you pass away prior to when your children reach the age of 18. It is incredibly important to have this designation in writing.
Consulting with an estate planning attorney at any age will ensure that your goals and wishes are carried out. Contact us today with questions or comments.
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