Estate planning is the tool that allows individuals to control how their assets and lives will be managed in case of their incapacitation or death. One common misconception is that estate planning is solely for the wealthy. On the contrary, estate planning is for everyone! No matter what stage of life you are in, every adult should have a proper plan for managing their affairs in death or incapacitation. Proper estate planning gives you the power to take control over what happens to you and your assets when you can no longer care for yourself. Therefore, it is important to start your estate plan as early as possible, reviewing your plan every three to five years for any possible changes. This article will focus on important documents for young adults to consider when setting up their estate plans.
Not only is it important to set up the documents above, but it is also important to update them regularly as life changes. Buying a house, getting married, and having children are just a few examples of reasons you may need to update your estate planning documents. Having a set time to review your documents (such as every other birthday or every even year) can be a great way to ensure you are keeping your documents up to date.
There are several factors that go into proper estate planning. The next article will focus on helpful considerations for married couples and parents. If you need to create an estate plan, or need your estate documents updated, our attorneys would be happy to assist you. Please contact the attorneys at Vandeventer Black for more information on proper estate planning.