By: Angela C. Wetherby
Most people do not think about “estate planning” until they are older and/or have had the opportunity to amass a certain amount of wealth; however, even young people should consider taking this important step toward protecting their property and and the interests of their loved ones. In my experience, it seems as though most young people think that estate planning is unnecessary until they get married or have a child. While these milestones certainly lend a certain degree of urgency to the necessity of estate planning, the advantages and protections of estate planning are important and beneficial at any stage of life.
The term “estate planning” is a relatively comprehensive term that encompasses a variety of considerations. For example, in addition to the drafting of a will and/or trust, your estate plan should also address important healthcare and financial directives that would apply in the event of that you become unable to make important decisions for yourself during your lifetime. It may be uncomfortable to discuss these topics with your loved ones, but making these arrangements at a young age allows you to protect your friends and family from having to incur the high monetary and emotional costs of making these decisions on your behalf. If you have minor children, estate planning also gives you the opportunity to provide for their welfare in the event that you are unable to do so.
This website and the contents thereof is designed for general information only and information should not be considered as formal legal advice nor the formation of an attorney/client relationship. The purpose of this post is to provide a brief and general overview of estate planning. It is important to consult with an attorney as there are various property and tax implications that should be taken into consideration.
If you have any questions regarding estate planning, please contact Angela Wetherby of Inosencio & Fisk, PLLC, at firstname.lastname@example.org or (517) 796-1444.