Planning an estate can be a daunting task. You may even feel that it is something you can put off for a while without any negative consequences. However, unexpected events can happen in the blink of an eye, which is why it is crucial to prepare for problems before they arise. A person in their twenties, thirties or forties will most likely not have a complete estate plan or not have even started creating one yet. However, there are certain things you can do to prepare yourself and get a head start.
Proactively planning your estate
Many people put off estate planning until they are already experiencing health problems. In fact, only 40% of adults have an estate plan in place. While you may not need to create a trust in the near future, there are some estate planning tasks you can get a start on, including:
- Creating a living will: After becoming a legal adult at the age of 18, you will be in charge of all your medical choices. Having a living will in place can inform others of your wishes in case of a catastrophic accident.
- Granting power of attorney: If you have someone in your life that you wholeheartedly trust, you could give them control over the medical and financial aspects of your life. You could give the same person both of these responsibilities or assign them to two different people.
- Drafting a will: After getting married, having children, or purchasing a home, you may want to start creating a will. This will eliminate any confusion or problems if an unexpected event occurs.
Many Americans put off planning their estate. For some people, this does not create any problems, but to be safe, it may be wise to start planning early. If you need any help during this time, reaching out to an attorney can simplify and speed up the process.