Hyden, Miron & Foster, PLLC Law Blog

Thursday, August 8, 2019

Why You Are Never Too Young to Estate Plan

Estate Planning at Any Age

Estate planning is not just for the old or infirm. It is for everyone. If you are young and in good health or have not yet built up your assets, you may think that you have no reason to estate plan. This is a mistake in thinking. Everyone has a reason to estate plan because no one is immune for the unexpected twists and turns that life can take. Prepare for the unexpected and start your estate planning today.

Why You Are Never Too Young to Estate Plan

Accidents happen. People suddenly fall ill, even if they are young. It is not pleasant to think about, but it is necessary. Unexpected tragedy can strike anyone at anytime and estate planning can alleviate at least some of the pain and anxiety that these tragedies can cause. For instance, health care documents in your estate plan will allow you to not only express your wishes regarding your healthcare should you ever become incapacitated, but it can empower you to select a trusted individual to make critical healthcare decisions on your behalf. This can be a big relief for your loved ones who will already be emotional should you ever find yourself in this kind of condition. Knowing your wishes will bring them some much needed piece. Your estate plan can include the appointment of a healthcare surrogate or medical power of attorney as well as a living will to accomplish all of this.

If you have children, estate planning is a must. Should something happen to you and your spouse, your estate plan will enable you to designate a guardian for your children. Estate planning will give you the ability to make sure you are the one who picks the person that will care for your children should you ever be unable to do so yourself. This is a powerful thing to consider.

It is also true that just because you may not have assets worth much in monetary value, it does not mean that you do not have assets that are great in sentimental value. Think of the things you treasure. Is there anything in particular that you would want to see given directly to a certain loved one? Is there anything that would bring comfort to a loved one after you pass? If there is, this is another big reason to estate plan. A will is not just to distribute property of monetary value; it is also a tool to properly distribute those sentimental items we come to treasure much more than money.

Additionally, there are some aspects of estate planning that may be less expensive if you act now while you are younger and in good health. Life insurance, for instance, may be cheaper now. Put life insurance in place now while you may have access to lower rates.

Trusted Estate Planning Attorneys

Estate planning is for everyone. You are never too young and you are never too poor to estate plan. Do not wait for the unexpected to happen. Put an estate plan in place today to protect you and your loved ones. The trusted estate planning attorneys at Hyden, Miron & Foster, PLL will help develop an estate plan you can count on. Contact us today.

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