I thought it could be good to touch on estate planning for another group of people- young professionals. I find myself in this classification and realize the lack of concern that people in their 20s and 30s have. However; along with typical future-looking actions like buying a house, contributing to a retirement account, and maybe buying a little life insurance, there are some relatively easy actions that can be taken to further solidify your loved ones’ well-being in the event tragedy strikes. Youth is not a reason to put off things like making a will or executing a power of attorney- rather it should be seen as an opportunity to do some simple planning before life gets more complicated. With that said, here is 1 thing that any young professional can do now in order to create a safety net for his or her loved ones. (There will be 9 more to follow.)
1. Plan for the unexpected.
The fact is that we only feel invincible. Accidents happen every day, everyone is at risk including the healthiest, youngest and most vibrant people. Unfortunately, most people do not anticipate or plan for an accident to happen. Therefore, when one does happen most of us aren’t prepared. The fact that young people face so few health problems in the first place makes them a less likely group to contemplate what would happen if they were not able to act for themselves.
For example, what would happen if you were in a car accident on the way home from work and subsequently feel into a coma for days? Who would make medical decisions on your behalf? If you are a homeowner, who would be able to access your checking account to pay your mortgage? While the chances of this sort of thing happening are small, the consequences of a catastrophic accident are very real.
Powers of Attorney for Healthcare and Property are simple documents to execute and can name an individual that will be legally permitted to make healthcare decisions on your behalf (in your best interests, of course) and handle your financial affairs to ensure that everything is taken care of if something happens. The attorneys at wh Law | We Help will help you put these protections in place for a reasonable fee. It’s money well spent for some peace of mind.