Think You Are Too Young for Estate Planning? Think Again!

 Posted on March 24, 2017 in Estate Planning

Millennials are some of the most driven, open-minded, and goal-oriented individuals alive today. Yet, when planning their future,  few consider estate planning. Most think they are simply too young, but nothing could be further from the truth. Learn more about why even millennials should have an estate plan, and how you can start yours.

Why Start Estate Planning Now?

If you are like most people in their 20s and 30s, you likely have a long list of endeavors you would like to pursue. From art projects to technology developments, these potential money-making ideas are worth something, long before they come to fruition. An estate plan can help protect these concepts and ideas, ensuring they are passed on to someone that can utilize them, should anything happen to you along the way.

Estate planning is also a wise idea because tragedies do happen. Car accidents, hiking accidents, and many other unexpected situations can leave you incapacitated and unable to make medical or financial decisions. Who will handle these issues for you? Who should decide if you will undergo a dangerous surgical procedure that could either save your life or leave you in a vegetative state? These are all questions that you can preemptively answer in an estate plan.

Older millennials who have children can also benefit from estate planning. More specifically, it is their children that can benefit. An estate plan can ensure your child has a suitable guardian, should a tragedy take you away from them. It gives you the power to leave a trust behind for them to ensure their financial needs are met.

Getting Started with Your Estate Plan

Estate planning is not just for those that have substantial assets; it is for anyone that wants to ensure their wishes are carried out, either during incapacitation or after their death. Yet not many people know when, where, or how to start. The key is to find an experienced attorney who can help you effectively navigate the process. 

At Stock, Carlson & Asso. LLC, we work with estate planners of all ages. Committed to ensuring your wishes are carried out, we can examine your situation and help you determine which estate planning strategies may be most appropriate for you. To learn more, call 630-665-2500 and schedule a consultation with our seasoned DuPage County estate planning attorneys today.

Source:

http://www.usatoday.com/story/money/personalfinance/2017/03/10/millennials-dont-forget-estate-planning/98837054/