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Estate planning important regardless of age

by | Jan 16, 2022 | Estate Planning

Many young professionals in Nevada just starting out feel like their future will be a bright and productive one. Because of their relatively young age and limited assets, a lot of young professionals do not consider estate planning as something they should focus on, at least not initially. However, life is unpredictable, and any number of things can happen that can incapacitate or take the life of a person of any age. As such, young professionals should consider planning for what will happen to them and their assets, not matter how meager, should the unthinkable happen. 

Protecting oneself and providing for heirs and beneficiaries 

Most young professionals do not have minor children; however, they still should appoint a trusted individual who will be responsible for making important, life-altering decisions should the benefactor suffer incapacitation. As an adult, a young professional cannot rely on his or her parents to make those decisions; however, they can still name a parent as a power of attorney. The person may also create a trust and name a trusted individual as the trustee along with a last will and testament.  

Regardless of the instruments a young professional elects to use as part of his or her estate plan, the individual should keep in mind that it’s possible to change the documents at any time to reflect life changes, such as marriage and childbirth. Also, having the proper documents in place will save a person’s heirs and loved ones a great deal of stress and confusion should the young person pass away unexpectedly. Benefactors should also ensure they have the proper individuals named on life insurance policies and retirement accounts so that the funds go to the intended beneficiaries. 

Plan for the future 

After realizing the importance of estate planning, a young professional make be unsure how to begin. A good place to start is by consulting with an experienced estate planning lawyer in Nevada, who can help the client make the best-informed decisions regarding individual needs and goals. However, the client should have clear plans for the future so that he or she can choose the best estate planning instruments to create.