As a young adult, the importance of estate planning may not be apparent. You may feel healthy, vibrant, and living comfortably, and creating an estate plan is probably the last thing on your mind. However, while delaying making an estate plan may be tempting, it is crucial to plan ahead, as these plans can alleviate the burden on your loved ones and ensure your future wishes are honored.
Planning for the Future as a Young Adult
Even if you have limited assets and feel you have a lot of time before you need to consider planning for the future, unexpected things happen, and tragic situations can occur. As a result, setting up an estate plan in your 20s and 30s can help you plan for the unexpected.
That is why an estate plan as a young adult should include the following:
A Durable Power of Attorney
A Durable Power of Attorney in Virginia ensures that your affairs will be managed according to your wishes, even if you cannot express them personally. It is a legal tool that can prevent family disagreements, court intervention, and potential financial losses.
Without a Durable Power of Attorney, your loved ones may have to undergo a lengthy and costly court procedure to be granted guardianship if you become incapacitated. However, a Durable Power of Attorney can help you avoid such stress and expense for your loved ones. This legal document designates someone to manage your financial and legal affairs if you cannot do so. Without a power of attorney, your family may have to obtain court approval to handle tasks such as paying bills, communicating with your landlord, selling property, or handling tasks related to your business.
A Last Will and Testament
Creating a Last Will and Testament is crucial to ensure that your assets are distributed according to your wishes after your passing. This Will can be vital for providing for unmarried partners and individuals who may not have legal rights otherwise. Additionally, it allows for the naming of a guardian for any children in the event of unforeseen circumstances.
In Virginia, there are several different types of trusts that can be used to accomplish your estate planning objectives. For instance, a living trust lets you place your assets in a trust while still being able to use and manage them. After your death, your beneficiaries will receive the assets.
Some of the more commonly used types of trusts in Virginia include:
- Revocable Living Trusts
- Testamentary Trusts
- Pet Trusts
- Charitable Trusts
- Irrevocable Trusts
The Bottom Line
Your estate plan does not need to be expensive or complicated during this age. All it needs to do is ensure you and the people you love will be cared for in the future.
Contact Ardent Guardian Today To Get Help With Your Estate Plan
If you are considering creating an estate plan in Northern Virginia and want to explore your options, consider speaking with an experienced Northern Virginia estate planning attorney today. The team at Ardent Guardian can review all the estate planning options you have and come up with a plan that best suits your needs.