Over 30% of Americans list their reason for not having an estate plan as having too little to leave behind. After all, why go through the trouble of creating a legal document just to split up some furniture and a small bank balance?
But this is a huge misconception about the purpose of estate planning. Having an estate plan is not just about sharing out wealth. It can help your family, and even protect your healthcare wishes.
For that reason, every legal adult should begin estate planning if they haven’t already. How young is too young to start? Read on for our brief estate planning guide on when you should start.
When Should You Start Estate Planning?
Estate planning covers more than what to do with your assets in the event of your passing. As soon as you become a legal adult, decisions about what to do in case of your passing are no longer under your guardians’ control. Therefore, you should put in writing what you wish to happen.
For that reason, every legal adult should have an estate plan. In other words, as soon as you turn 18, it’s time to begin. This is because of all an estate plan involves.
What Does an Estate Plan Cover?
Estate planning outlines your asset management wishes. But it also grants people access.
For example, no matter how small your bank balance is, granting access to it will save your loved ones a major stressor. You can also use your estate plan to grant access to:
- Your home
- Other bank accounts
- Your belongings
Additionally, if you happen to inherit assets or a trust from someone else after your passing, whom would you like to have them? While you don’t have these assets yet, estate planning allows you to decide what happens in this event.
Estate planning also covers who has the right to make decisions on your behalf. This is called power of attorney. By nominating who will care for your wishes, you can help to avoid family conflict.
Healthcare decisions can also be outlined in estate planning.
You can nominate a durable medical power of attorney. This person can make medical decisions on your behalf while you are unconscious. Again, this helps avoid conflict over who makes decisions about your healthcare.
Benefits of Estate Planning
As explained, the benefits of estate planning mostly involve helping your loved ones.
Clearly outlining your wishes, however young you are, reduces conflict in stressful times. And granting access to your accounts and belongings can help cover funeral expenses.
Plus, you’ll have peace of mind that your wishes will be abided by. To learn more about how estate planning can help you, visit https://croninlawfirm.com/.
Keep Up to Date With Legal Advice
Estate planning is the best way to protect not only your assets, but your wishes. And these steps are just the tip of the legal iceberg. Whether young or old, there are countless ways the law can help you.
If you were involved in a car accident, certain laws can save you money. If you were fired, an employment lawyer can provide invaluable help.
But to benefit from these provisions in the law, you need knowledge. Only then can the law work for you. To stay in the loop, get the latest law advice here.
