Friday, October 18, 2013
A common misconception is that estate planning is for elderly people. Despite this assertion, anyone over the age of 18 should think about having an estate plan. A young adult can have an accident, become incapacitated, and face an end-of- life decision at any point in time. It is up to them to have their wishes carried out. People wanting to leave instructions behind should consider drafting a medical directive a simple document to prepare. Even people with out a large estate should have an estate plan for retirement benefits, life insurance, and other company benefits that may kick in. Another estate planning consideration is setting up a trust for medical assistance would be of value.
Estate planning begins with a conversation between a client and an estate planner. Bar association websites can provide guidance for finding a reputable attorney. Have a balance sheet with your assets and liabilities prepared. Additionally, have a list of all of the digital assets and login information. This information will assist the estate planner in understanding your estate planning decisions. Be careful for attorneys with high-pressure strategies, and do some homework to look up the estate planner you plan on hiring.
See Laura Daily Don't Wait Till You Are Old To Plan Your Estate, Reporter Herald, Oct. 14, 2013.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.