Although you don’t have children and you are in good health, you still need an estate plan. Everyone has assets — even minimal ones — that require some form of estate plan. Luckily, when you’re young, healthy and childless the process is a lot easier — unless you have a risky lifestyle/career.
Write Your Will
Meet with an estate planning attorney to draw up a simple will to take care of your assets. Your will allows you to leave your personal possessions to any recipient of your choice — such as your mother, father, significant other or a friend. Since your assets are minimal and you don’t have complex issues like children or trusts, your will should be relatively inexpensive to create.
Durable Power of Attorney
If you become incapacitated, you need a legal document that allows a friend or family member to make decisions on your behalf. These decisions can be medically or financially related. If you wish, you can have one individual in charge of medical decisions, while another is in charge of your estate financially. In these documents you name a person to act on your behalf, but under the guidance of your durable power of attorney documents. In these documents you can state medical wishes, such as DNRs, life-saving treatments, etc. as well as how you want your finances handled while you’re incapacitated.
Everyone should have an estate plan of some sort. Even if you feel you own no assets, you want your wishes carried out medically and financially when you cannot do so for yourself. Consider meeting with an estate planning attorney to see how you can benefit from an estate plan…you might be surprised.
- Estate Planning is Essential Whether You Are Married or Not - April 25, 2018
- Income Tax Basis in Estate Planning – Part 2 - April 23, 2018
- The Downsizing Generation: How to Handle a Surplus of Stuff When a Loved One Ages - April 18, 2018