You are young, or you don’t have many assets and that means you don’t need an estate plan. Wrong!
It is true that if people do not own any real estate and do not have any other property of high value, it will not be too difficult for their families to handle their estates. However, estate planning is about more than that, according to the Times Herald-Record in “Everyone can benefit from an estate plan.”
Almost all estate plans today also include some legal documents that are traditionally considered elder law documents. Despite the term “elder law,” even young people need these documents because they are really about planning for disability.
That is, planning for the possibility that you could have an accident or illness that does not kill you. However, it can leave you legally incapacitated, even if it is only on a temporary basis. These documents include a health care proxy, so someone else has the authority to make health care decisions on your behalf. It also includes a general durable power of attorney, so someone else can handle your finances, if you are unable to do so.
An estate planning attorney can advise you on creating an estate plan that fits your unique circumstances.
Reference: Times Herald-Record (May 17, 2018) “Everyone can benefit from an estate plan.”
