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Estate planning is essential for young professionals

On Behalf of | Jan 31, 2020 | Firm News |

Many individuals think that estate planning is something only older people have to worry about. However, creating a comprehensive estate plan is important for any adult: college students, young professionals with significant assets, singles, and people who are parents or guardians of minor children.

There are numerous reasons individuals should begin estate planning in their younger years instead of when they approach retirement. According to U.S. News and World Report, estate planning is essential even for people who are not rich and singles who do not yet have a spouse or children of their own. The U.S. News article states that the goal of estate planning should be to take care of loved ones. Creating a will and other estate planning documents may help a person take care of his or her parents or siblings. An individual may create a durable power of attorney and designate a health care proxy as soon as he or she turns 18. These documents may prevent arguments over medical care from occurring in the event that an injury or illness prevents a person from making his or her own health care decisions known.

Forbes provides specific estate planning guidance for singles. Like U.S. News, Forbes encourages singles to create health care advanced directives. Forbes also states that it is important for singles to create a will and name a reliable person as the executor. If a single individual wants to ensure his or her assets go to parents or a significant other, he or she may set up and fund a revocable trust. Many singles and other young people put off estate planning because they do not think it is necessary if they do not have significant assets or dependent children. However, estate planning is helpful for everyone.