Now that you are an adult, you have to make sure that your future is all set. Young adults work toward this while older adults will likely be able to enjoy the fruits of their labor. One thing that they don’t think about is what is going to happen to all their hard work when they pass away. We know that this isn’t a pleasant thought but it is one that is best addressed now.
Your estate plan is where you can leave instructions for all of the things that you’ve amassed over the years. Not only does this put you in control over the matter, it also ensures that your loved ones aren’t going to start fighting each other over the things that you worked hard for.
The estate plan that you set up will usually have more than one component. A will, trusts, powers of attorney designations and a living will are some of the documents that you might include. All of these serve different purposes but they all come together to provide a comprehensive plan for your loved ones.
Young adults who have children at home also have to decide how they are going to provide for their children if something happens to them. This is done through a guardianship designation that is included in the estate plan. You can also use financial tools like trusts to ensure that there is a financial backing for the children.
We know that this is a lot to think about, especially if you’ve never created an estate plan before. We are here to help walk you through the process.