When they are just starting out, many young professionals do not consider estate planning as something they need to do, at least not right away. Many young professionals typically have limited assets, and their young age means they likely are not considering what will happen to them or their property should a terrible and unforeseen tragedy occur. This is why young professionals can benefit from estate planning.
Protecting themselves, their assets and their loved ones
Along with possessing limited assets, most young professionals also do not have minor children to account for upon their passing. However, since life is so unpredictable, any number of things can happen that will render the individual incapacitated or worse. Their parents will no longer be able to make health care-related decisions for them, and without at least a will, the young professional’s assets will likely be tied up in probate for a considerable period of time.
Instead, young professionals should look into creating an estate plan that will specify their wishes regarding end-of-life support and other health care needs as well as how they would like their assets distributed upon their passing. They can also look into creating a trust and naming a trusted individual as trustee of the account. They should also ensure the proper beneficiaries are named on life insurance policies and other accounts.
Planning for the future
Regardless of income or age, planning for the future is vitally important for all young professionals and all individuals in general. By working with an experienced estate planning attorney, a young professional can make sure his or her wishes are honored for the future. They can also ensure they help their surviving loved ones administer their estates and obtain the assets to which they were bequeathed instead of relying on the court to make those decisions for them.