As a young person above 18, you probably would be more concerned with landing a job, getting married, settling down and making some money. This takes estate planning far away from your thoughts. After all, you are still young with very little or no asset to your name, so what do you need estate planning for? But the truth is you do.
Just as an 80-year-old person can pass away or become incapacitated, so also can a 30-year-old. It is so disheartening to think about but that is the real situation. You can get involved in an accident which renders you incapacitated and unable to make medical decisions for yourself. Who becomes responsible for you? In most cases, your parents would be appointed as your guardian, but this is not guaranteed. You need to express your wishes about what should be done for you during such uncertain situations through estate planning, so as to avoid confusion when something bad happens to you. As a young person living in Bergen County, the estate planning attorney Bergen County is available to provide you the best estate planning services, advise you on what estate planning documents you need to create, and would help in establishing them.
Estate planning is essential regardless of age and status
The truth is once you become an adult, you are held accountable for your own decisions, and these decisions you should put in an estate plan. Whether or not you own valuable assets, you need basic estate planning. You’d get married and have kids, and there is need to write down your wishes for them should something bad happen to you. Through estate planning, you protect your future and that of your family by removing the burden of confusion and your debts, and ensure that they receive what you want for them.
Estate planning essentials for young people
Most of the estate planning documents required by older adults are required by younger adults. As a young adult, the following estate planning elements should be considered:
1. A will
In your will, you should state who inherits your assets — no matter how small — after your death. Even if you are yet unmarried and do not have kids, you still have to state who receives your assets. If not, they will go to your closest blood relative at your death even when that isn’t what you want. You can always update your will when you later marry and have kids. In the will, you should also name a Guardian for your minors if you have.
2. Financial power of attorney
You may think you have no assets to worry about but think about it, you probably own bank accounts. When something bad happens to you that makes you unable to access your financial accounts, you would need a trusted person to access those accounts and make financial decisions on your behalf. You can’t appoint the person when you already are incapacitated, that is why you need to do it now by creating a financial power of attorney.
3. Health care power of attorney
With the health care power of attorney, you authorize someone to make medical decisions for you in the event you become incapacitated.
4. Insurance policy
Life insurance is helpful to young couples who have young kids, as the insurance will provide coverage for them. Even students and single individuals require a life insurance policy to help clear their debts because if not, the parents will be burdened by the debts when the individual dies.
5. Digital assets
Young people are known for being very active online. If you own online accounts such as Facebook, e-mails, amongst others, you probably would have noticed that they allow you set preference for what you want done to the account when you die. There are many services that allow you store passwords so that a selected loved one can access the account when you pass away. You should select a competent and reliable person as your digital executor; a person who will manage your digital assets when you’re gone.
Young people need the estate planning attorney
Just as with older adults, you also need to contact an estate planning attorney for their professional expertise in estate planning matters. The estate planning attorney in Bergen County is highly skilled in advising and helping young people create estate planning documents, and updating the estate plan as new events take place in the individual’s life. If Bergen County is your area of residence, then you really should contact the Bergen County estate planning attorney today.
