Estate Planning Is Not Just For Old People

 Acommon misconception is that estate planning is for elderly people. Despite thisassertion, anyone over the age of 18 should think about having an estateplan. A young adult can have an accident, become incapacitated, and face an end-of-life decision at any point in time. It is up to them to have their wishes carriedout. People wanting to leave instructions behind should consider drafting amedical directive a simple document to prepare. Even people with out a largeestate should have an estate plan for retirement benefits, life insurance, andother company benefits that may kick in. Another estate planning considerationis setting up a trust for medical assistance would be of value.

Estateplanning begins with a conversation between a client and an estate planner. Barassociation websites can provide guidance for finding a reputable attorney.Have a balance sheet with your assets and liabilities prepared. Additionally,have a list of all of the digital assets and login information. This informationwill assist the estate planner in understanding your estate planning decisions.Be careful for attorneys with high-pressure strategies, and do some homework tolook up the estate planner you plan on hiring.

See Laura Daily Don’t Wait Till You Are Old To Plan Your Estate, Reporter Herald,  Oct. 14, 2013.

Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.