When it comes to estate planning, many people in Indiana and throughout the country believe that they don’t have to worry about it until they’re older. Estate planning helps people make plans for their money and their assets when they pass away. People assume they need to be rich or be near retirement to have an estate plan, but that isn’t true at all.
While it’s less likely that death or incapacitation will happen to a person in their 20s or 30s versus when they’re much older, it’s not impossible. Putting together an estate plan will help ensure that a person’s intentions for whatever assets they have are carried out whether they’re in their 20s or 60s. The following tips can help an individual get started.
Durable power of attorney
If someone is no longer able to take care of their financial matters and make decisions regarding those matters, a durable power of attorney document can help keep things moving. With this document, an individual can assign a person of their choosing to handle their financial affairs if they’re no longer able to. This will help ensure that their affairs will be taken care of.
Get a will
By putting together a will, a person will be able to ensure that their wishes are carried out after they die. It will cover everything from distributing their assets to listing out who will take care of any minor children.
If someone wants their assets handled in a specific way after they’re gone, a revocable trust can help them do that. They can amend this document at any time, making it easy for them to adjust as their circumstances change.
Setting up an estate plan makes sense no matter how old a person is. By working with attorneys who have experience with estate law, an individual may be able to set up a plan that helps protect all their loved ones’ interests.