Estate planning isn't just for seniors. In fact, it isn’t even just for those aged forty and above. Estate planning is for everyone and, like many things in life, the earlier you start, the better. Although you may not have many assets or any beneficiaries as a young adult, the decisions you make now during the estate planning process will lay the groundwork for more complex planning tasks that will come as you get older. And perhaps more importantly, by starting the estate planning process now, you’ll have a plan in place to protect you and your loved ones in case the unexpected ever occurs.
If you are a young adult and are interested in learning more about the estate planning process, please review the tips below. If you have any additional questions about the estate planning process in Michigan, please feel free to reach out to our Michigan estate planning attorney.
Name a durable power of attorney and health care proxy
As a young adult starting the estate planning process, the first thing you should do is name a durable power of attorney and a health care proxy. The people (or person) you name to fill these roles will have the ability to make health care and financial decisions on your behalf if you ever become incapacitated.
Begin thinking about beneficiaries and wills
Once you land your first job, you should begin thinking about beneficiaries and your will. The reason for this is that many jobs come with benefits, such as a 401(k) plan and life insurance coverage. These types of benefits require that you list a beneficiary for each account. A beneficiary is the person you name to receive your life insurance death benefit or assets if anything ever happens to you.
Create a will
Finally, as a young adult starting the estate planning process, you should execute a will. Without a will, the court will decide who gets your assets, regardless of how few or many you may have. And this often leaves people out that you’d otherwise prefer to inherit certain things from you. For example, if you have a boyfriend or girlfriend who you’d like to leave certain items to, he or she will be out of luck unless you specify this in your will.
Let us help you get started
If you’re a young adult and would like to begin the estate planning process in Michigan, you need an experienced attorney to guide you through the process. At Keating Law, PLC, our Michigan estate planning attorney will assist you with all aspects of the estate planning process, including drafting a will, executing a durable power of attorney, creating a trust, and choosing an executor. There is no time like the present to get started. So, if you’d like to begin the estate planning process today, please contact us for a consultation.