Estate planning is often seen as prudent for middle-aged and elderly adults to do, but the truth is that every young adult in Texas can benefit from estate planning. This process isn’t just about deciding who gets what in the event of a death. Estate planning can make life smoother at any age, and that’s important.
Power of attorney
Power of attorney isn’t just for elderly relatives. Appointing a trusted professional as power of attorney can be important for people who spend long swathes of time overseas. Anyone whose work takes them far from home should consider one of these documents. As an authorized representative with a valid POA, the designee can buy or sell property and pay bills for their named client. Medical power of attorney documents are something to keep in mind, but these are not usually executed until later in life.
Peace of mind
A will is the central document in any estate plan no matter the age of the individual involved. In fact, in the absence of a will, the state will step in and distribute assets. A will should appoint an executor to follow the instructions in the document. It’s also possible to name a guardian for young children in the will.
Another estate planning move that young people should consider is creating a revocable trust. Placing assets in a trust can make it easier on loved ones if an unexpected death occurs. Essentially, a revocable trust is simply a list of instructions about how an estate should be managed in the event of a death. This is especially important for young married people if they have children. Should the worst happen, it’s a way to make sure that assets distribution goes smoothly.
An estate planning attorney may guide clients through the process of creating all the necessary documents. If individuals have questions about complex assets, an attorney may offer suggestions for estate planning tools to utilize.