3 Reasons the Younger Generation Should Create an Estate Plan Now
Why Younger Generations Need to Consider Estate Planning
Creating an estate plan is not typically a priority for those who belong to the younger generation. Many believe this is a task reserved for the elderly, wealthy, or people in poor health. However, the reality is that every adult can benefit from working with an
estate planning attorney. Here are some of the reasons it’s important to prepare for the future regardless of your age, how much you own in assets, or your current medical condition.
1. Prepare For Health Situations
Estate plans are about much more than simply deciding who should get your assets after you pass away. It can also include vital information should you become incapacitated. Drafting a healthcare directive and power of attorney will allow you to designate someone you trust to make medical and financial decisions on your behalf. Without these documents in place, the court will determine who should have the authority to make decisions about your care and access your finances.
2. Name a Guardian for Minor Children
estate planning attorneyIf you have minor children, you need to consider who will take on the responsibility of raising them should you have an accident, suffer an illness, or become unable to care for them. An estate planning attorney will help ensure your plan not only provides for your children financially, but also names a guardian you want to take over in your absence. If you don’t have a will, it will be up to the court to decide who raises your kids.
3. Protect Digital Assets
In this day and age, it’s essential to think about what would happen to your digital assets in the event you suddenly pass away. This includes your email, social media accounts, and cloud storage. Additionally, if you have a business and your revenue stems from an application, a business website, or subscriptions, it’s wise to draft an estate plan to protect these assets. Whether you prefer to transfer ownership to a friend or family member or have everything closed, you won’t be able to control how these assets are managed if you don’t clarify your preferences to an estate planning attorney.
By crafting an estate plan, you can spare your loved ones the uncertainty of knowing how you would want your affairs handled should life take an unexpected turn. Pelkey & Pelkey, P.C. will help determine which legal documents are best suited to your unique needs. Offering more than 60 years of combined experience, they are known for providing clients throughout the greater Rochester, NY, area with quality advice and valuable guidance. Call (585) 544-3440 to schedule an appointment or visit them online for more information on their estate planning services.
