By: Jessica Saio

When you hear estate planning, you may think it’s only for individuals who are older, wealthier, married, or have a diagnosis. If you’re young, you may think you don’t need estate planning yet. However, estate planning is for everyone, even if you are young, healthy, and just building your wealth. It’s never too early to start considering ways to protect yourself, your assets, and your loved ones.

1. You Have More Assets Than You Think. Your car, bank account, retirement account, personal belongings, and even your pets are part of your estate. If something unexpected happens, who do you want to make decisions about those things? Estate planning helps ensure your wishes are followed.

2. Financial and Healthcare Directives. Accidents and illnesses can happen at any age. It is important to have the necessary documents in place should you become incapacitated and unable to make decisions. A power of attorney lets someone you trust make financial decisions on your behalf. A health care proxy allows you to designate someone to make medical decisions for you if you’re unable to. Without these, your loved ones could face lengthy and costly court proceedings just to help you, while also dealing with emotional stress.

3. You Control Who Gets What. Dying without a will, or intestate, means the state controls how your assets are distributed. This may not align with your wishes. A will ensures your assets go to the people or causes that matter to you most.

4. Protecting Your Children. You can name guardians for your children through your estate planning. Otherwise, the decision may be left to the courts. You can also set up a trust to protect assets left to your children and manage how your children will receive them over time.

5. Digital Assets Matter. All of your online accounts, including banking and social media, cloud storage, and cryptocurrency are included in your estate. Planning can help direct how to manage or close these accounts, and control who should have access to them.

Estate planning is about being prepared and enables you to protect yourself and your loved ones. We at Littman Krooks LLP make estate planning clear, comfortable, and customized to your life stage and can help you take control of your future and start planning today.