Thursday, September 26, 2019
Society focuses on youth and being young, and as such many people hesitate to contemplate their mortality. At the same time and for the same reason people incorrectly assume that estate planning is only for the elderly and those that have acquired all the their possible wealth.
Not all documents in an estate plan are to prepare for your death; powers of attorney are documents that protect you in times of incapacity. There are two forms of these documents: healthcare and financial, and both of them allow a designated agent the power to make decisions pertaining to whichever document it is.
If you have minor children, your death will affect them more than if they were older. To provide for them financially and legally, a guardian should be designated to take over the role of parent if something should happen to you. Without a guardian designation, your most precious assets could go to a family member or someone else that you would not have preferred.
If you are young and relatively healthy, term life insurance is relatively inexpensive and can for a term of 10, 20, or even 30 years. The younger you are, the less the premiums will be to start out. Group life insurance may also be available through your employer and may allow you to purchase additional coverage for you and your spouse.
See Stephanie Fierro, Why Estate Planning is not Just for the Wealthy and Elderly, Jaburgwilk.com, September 25, 2019.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.