Most young people dismiss discussions of Estate Planning because they think it’s too costly or they are too young to need an Estate Plan; however, Estate Planning is just as important at age 30 as it is at age 75. Between the ages of 25 and 35 most people begin to solidify their career path, get married, purchase their first home, and start a family. With all of these other “firsts,” it’s also a great time to create your first Estate Plan. A proper Estate Plan alleviates the uncertainty of what will happen to your assets at your death, it allows others to manage your assets or healthcare in the event of incapacity (discussed in a later blog post), and it puts a plan in place to care for your minor children after your death (discussed in a later blog post).
Estate Planning allows you to plan how your assets will be distributed at your death. If you don’t have a will or trust in place when you die, the state determines what happens to your assets. Even if you don’t currently have substantial assets, it’s never a bad idea to prepare for your future earnings potential. It’s also comforting to know that the assets you do have will go to the people you want them to go to in the event of an untimely death.
If you would like to discuss creating your first Estate Plan, please contact Lodestone Legal Group at 615-807-1240 or reach out to our estate planning attorney directly at bmulvaney@LLGTN.com. We look forward to working with you!