Summary: When people think about estate planning, they often think about it as being something relevant and important for seniors or people who are “established” in their lives, with homes they own, spouses and children. This isn’t a complete picture of the reality of estate planning. The truth is that, given all the important things that a complete estate plan will do, and can do, most people of just about any age can benefit from planning and should pursue getting a plan right away.
Many younger people (and some older ones)
may look at their life circumstances and conclude that they don’t need an
estate plan. They may say, “I’m single, have no kids and rent a 1-bedroom
apartment. I don’t even have a retirement account yet. Why do I need an estate
plan?” Even if you don’t have a spouse or children or even a home that you own,
there are still lots of reasons why an estate plan could be vitally important.
Below are just a few examples of ways that a plan can be essential to your
goals.
(1) You have “digital” assets. Some people,
including an increasing number of younger “Millennials,” may live a significant
portion of their lives – maybe even the majority of their lives – online. They
may have a job where they telecommute using email and Skype. Away from work,
they may socialize and fellowship with friends and family with email, Facetime,
Facebook, Skype, Twitter, Instragram and other types of social media. They may
do their banking online and pay bills online. Anyone with even a small online
presence (and especially those with large set of online accounts,) should be
very cognizant of estate planning. A full and comprehensive estate plan,
including a plan for your digital assets, can allow you make sure the person
you choose to manage your financial affairs can access your online accounts, as
well as making sure the people you desire can easily and seamlessly access your
other online accounts, in order to engage in necessary communication with both
personal and professional contacts alike.
(2) You have pets. For people of any age,
including young people, pets occupy an important part of our lives. They’re not
just companions; they’re part of the family. Making sure that your beloved “fur
baby” has a proper home with someone you trust implicitly is likely very high
on your priority list. Estate planning is the way to help make sure that your
preferences are known and carried out. This is especially true if you also have
money that you desire to earmark for the care of your pet after your death. The
law in all 50 states now allows for “pet trusts” which, as the name implies,
allows you to put wealth into trust for the care and benefit of your pet. Any
person who has a cherished pet -- but especially those with animals who have
more specialized needs (like, for example, horse owners) – should take the time
to get an estate plan without delay.
(3) You have collectibles. Some young people
enjoy maintaining collections. Maybe yours is comic books, vinyl records or
vintage toys. If you don’t have an estate plan, then all of your possessions
will pass according to your state’s intestacy laws. If you’re single, in many
states, that could mean everything goes to your parents. While your mom and dad
might not have any interest in, or use for, your set of Supergirl and Wonder Woman
comic books, maybe your old college roommate would love to have them. With a
proper estate plan, you can make sure that your favorite collections go to
people who will continue to cherish them, not just box them up and take them to
Goodwill.
These are but a few example of how, even
if you are just starting out in life, an estate plan is important. Even without
a spouse, children or a house, chances are you have things, whether they’re
alive or inanimate, tangible or virtual, that matter to you. With an estate
plan, you can take control to ensure that your vision for all of those things
is realized, and not just left to some corporate or governmental bureaucracy to
decide.
This article is published by the Legacy Assurance Plan and is intended for general informational purposes only. Some information may not apply to your situation. It does not, nor is it intended, to constitute legal advice. You should consult with an attorney regarding any specific questions about probate, living probate or other estate planning matters. Legacy Assurance Plan is an estate planning services-company and is not a lawyer or law firm and is not engaged in the practice of law. For more information about this and other estate planning matters visit our website at www.legacyassuranceplan.com.
This article written and published by:
8039 Cooper Creek Blvd
University Park, Florida 34201
844.306.5272 (Phone)
Click Below To See Other Legacy Assurance Plan Related Sites:
No comments:
Post a Comment