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Should I Consider Estate Planning If I’m Young?

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Estate Planning Lawyer NJ

If you are single or young – or both, you’re probably thinking about how you don’t need to plan for your estate. The reality is that no matter at what point of your life you’re in, putting a plan in place for your estate and assets is one of the most responsible and beneficial things that you can do. Being prepared can pay off and put your family in a position of knowing what to do in case something happens to you. 

Assistant vice president of advance markets at Penn Mutual Life Insurance Company, Meg Muldoon, said:

It [estate planning] doesn’t have anything to do with net worth. It has everything to do with taking care of the people you love. You don’t want your parents to have to go through the probate process for your $5,000 checking account.

If you’re young and you don’t think that you have much to offer, you still should consider planning your estate. It shouldn’t be a complicated process but there are some vital pieces of paperwork to put into place so that if tragic events strike, you and your family will be prepared and those tragic situations won’t be made worse. 

The reality is that if you’re young and don’t think you have much to offer you should have some form of estate plan in place. After turning 18, young adults should determine who will be their durable power of attorney and a health care proxy. This is especially important to adults going to college. If you don’t assign a durable power of attorney or health care proxy then it will be appointed for you also known as an agent. A durable power of attorney will make financial decisions in the event of incapacity and a health care proxy will make health care decisions if you’re unable to do so. 

Planning for your estate would mean that you would appoint individuals who understand you and your situation the best and who will be able to make the best possible decision on your behalf if you are unable to do so. These are just a few reasons why it might be a good idea to speak with a professional about implementing an estate plan for you. Putting a plan in place can help you and your family minimize the potential problems down the road when and if they occur. 

If you would like to explore more information, reach out to an estate planning lawyer in New Jersey from a law firm like Klenk Law. They will be able to answer any of your questions and concerns about estate planning.