Young Adults Need Estate Plans by DavidLawNC

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Simply because you are young, it doesn’t mean you’re exempt from thinking about financial and estate planning.

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									                                      Young Adults Need Estate Plans

Simply because you are young, it doesn’t mean you’re exempt from thinking about financial and estate
planning. You are acquiring assets, building a family, raising children, and paying off student loans and
other debts. Now is the time to make sure your assets are protected and your children’s future is secure.
Your estate plan will likely be very simple: a will, healthcare directive, financial power of attorney, and
beneficiary designations for any life insurance and retirement accounts.

Your will can direct who should receive your assets, declare who you wish to be named as the guardian
for your children, or assign a trustee to periodically distribute funds to care for your children as they age.

The healthcare directive declares who will make healthcare decisions if you are unable to do so. A
financial power of attorney designates who will be responsible for your finances if you cannot. These
documents give the designated person a lot of power, so choose someone you trust completely. It may
also be wise to write a letter making your healthcare wishes known so as to avoid family disputes when
difficult decisions about your healthcare need to be made.

It is important to review your estate plan every few years or as significant personal events occur, such as a
birth, death, marriage or divorce. Gifts or inheritances should be added to your estate plan as well so you
can manage how they’re passed along to future generations, and proper planning will allow you to do so
without the beneficiary being hit with a heavy estate tax burden.

Experienced estate planning attorneys Greensboro NC of the Law Offices of Cheryl David offers estate
planning and business planning resources to residents of Greensboro NC. To learn more about these free
resources, please visit http://www.cheryldavid.com today.

								
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