Many young couples assume that they do not need to estate plan due to their young age, and because they have not created a family yet. Just because you do not have kids, does not mean that you should not plan to protect your assets, your business, and your medical decisions in the future. Estate planning is more than just having a will!
We know that you think that you don't need to plan just yet, but this blog post might change your mind!
So you think you have nothing to leave behind? Wrong! We recommend writing a will. Even if you don't have as many assets as you would like, the assets that you do have still matter. Writing a will is the ultimate way to leave your possessions behind to the people you love the most. A will allows you to divide your belongings to exactly who you want. If you don't have a will then you belongings will just go to your parents or siblings. This is important to consider if you are just in a committed relationship with someone, but don't believe or want to marry.
Writing a will can be simple, easy, quick, and inexpensive if you do it right. Although you can create a will on your own, it is recommended that you contact a lawyer. There are certain rules you will need to follow in order to make that will legally binding. If you do it on your own, you will need 2 witnesses to sign at the same time. We always recommend contacting a lawyer so you can make sure you are protected.
A living will and power of attorney is essential in order to make sure that you are properly taken care of according to your wishes for end-of-life care. This document can be very detailed or you can keep it very general.
A power of attorney for health care will give someone that you choose the power to carry out your wishes for medical decisions that you desire in event that you cannot make these decisions yourself. This agent will make sure you get the health care that you want.
Although you might not expect to ever use these documents, you never know what could happen to you. It's always better to be prepared in event of an accident, than to not.
The final thing that you might want to consider when estate planning as someone who is young is designating beneficiaries. This would be for your IRA or 401 (k) account. All you need to do is submit the name of the beneficiary on the form supplied by your employer or account custodian. You can always change this later on by submitting another form.
Source: Click here -> NOLO