In the scheme of things, estate planning probably isn’t high on your to-do list, especially if you’re a young adult. For most people just getting started with careers, families and other adulthood endeavors, estate planning is for the older generations. We want to help you start the estate planning process.
Getting started early will provide peace of mind, it can also be critically important should life take an odd turn.
Estate planning is about protecting yourself and your loved ones.
Here’s a look at how you can get started with your estate planning–and why it’s important.
Start with Financial Power of Attorney
When you turn 18, you’re considered an adult in the eyes of the law. Adulthood opens the door to a world of opportunity, which is what most people celebrate, but it also comes with a lot of responsibility.
Once you become an adult, your parents can no longer legally deal with some of life’s everyday issues, like securing vehicle registration or passport renewals, accessing savings accounts on your behalf (to pay for college tuition, for example) and taking care of other business.
They can’t represent you in these matters unless they have power of attorney. Power of attorney lets you appoint someone you trust to make financial decisions on your behalf. It’s also a good place to start when it comes to beginning the estate planning process.
Develop a Health Care Directive
Accidents and illness can leave a person injured to the point where they are unable to care for themselves or communicate with others. Maybe it’s a terminal disease. It could be a car crash. Whatever it is, it’s impossible to predict and important to plan for.
That’s where a health care directive comes into play.
Also called a living will, a health care directive allows you to detail your wishes with regard to medical treatment should you be in a situation where you are terminally ill and unable to communicate, in an irreversible coma or confined to a persistent vegetative state.
A health care directive also addresses your preferences for pain medication, artificial nutrition and any other special instructions related to your care.
Plan for Your Pets
It’s common knowledge that people who have kids should also be involved in estate planning. But did you know that it’s also important for your pets?
In addition to making decisions about your finances and health care, when necessary, you can also give power of attorney over your pets to someone you trust. When you do this, you can leave detailed instructions about where your pets end up if something unfortunate happens to you. You can also devote money from your estate to your pets’ care.
While most people focus on other aspects of estate planning, the portion dedicated to protecting your pets is often popular among young people.
Ready to Get Started?
Once you become an adult, it’s never too early to start the estate planning process. If you have questions or are ready to get started, connect with the experts at BD Financial Concepts.
They can help with every aspect of estate planning–from power of attorney to making sure your pets are safe. Connect with them today to start planning for tomorrow.