How is an estate plan beneficial for young people?

When you hear your parents discussing their estate plan, you may not immediately think about beginning to coordinate your own plan for the future. In fact, you are not alone because many people in North Carolina associate an estate plan with people who are retiring or who make a considerable amount of money. 

Your age is certainly not a factor that should hold you back from beginning to think about your future and what your final wishes would be. In fact, the younger you begin coordinating those types of decisions, the more confident you may feel as the years go on. Regularly revisiting your plan will allow you to make changes depending on what is happening in your life, but the bulk of the planning will have been taken care of long before you have begun to feel the stress of needing to have a plan in place. 

According to U.S. News, it is recommended that you consider naming a health care proxy and power of attorney at the very least. You may also consider writing a will and making a few designations for what your final wishes are. However, you do not need to make as many decisions as someone who is aging and is closer to needing to implement their plan right away. The benefit to you is that you will have already created a foundation that you are satisfied with and can fill in the gaps with more complex decisions as your life evolves and your circumstances change. 

The information in this article is intended for educational purposes only and should not be taken as legal advice. For more information about planning your estate, please contact our law firm.  

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