Many people believe that estate planning is only for older adults or people with significant assets. This isn’t true, however. In fact, there are many reasons that young adults in the state of Kentucky should strongly consider creating an estate plan. Unfortunately, though, many young adults don’t understand the importance of estate planning until it’s too late. In this article, we discuss some important estate planning considerations for young adults in Kentucky. For additional information about estate planning in Kentucky, please contact an experienced estate planning attorney today.
Reasons Young People Need an Estate Plan
If you are a young adult in Kentucky, there are several general reasons that you should consider creating an estate plan, including:
To plan for incapacity: Regardless of age, everyone needs to plan for incapacity. After all, no one is immune from unexpected accidents and illnesses. An estate plan enables you to appoint someone to act on your behalf with respect to health and financial issues should you ever become incapacitated. In addition to ensuring that you are cared for, planning for incapacity has the benefit of taking certain difficult decisions out of the hands of your family, thereby avoiding familial disputes.
To distribute assets upon death: Regardless of how many assets you own, you should take steps to determine how they will be distributed upon your death. If you don’t have a plan in place, the laws of Kentucky will take precedence over your personal wishes regarding your property.
Main Components of a Basic Estate Plan
As a young adult in Kentucky, your estate plan doesn’t need to be complicated. For most young people, the inclusion of the following documents will ensure that you are well-protected:
Will: By creating a will, you can determine what will happen to your assets after you’re gone. In addition, you can use a will to appoint someone as your executor.
Designation of health care surrogate: A designation of health care surrogate ensures that someone you trust will make health care decisions on your behalf should you ever become incapable of doing so yourself.
Durable power of attorney: With a durable power of attorney, you can appoint an agent to make financial decisions on your behalf should you ever become unable to do so.
Contact a Shelby County Estate Planning Attorney
At Berkley Oliver PLLC, our knowledgeable and experienced estate planning lawyers provide comprehensive estate planning services throughout Central Kentucky. Regardless of your estate planning needs, our attorneys have the tools necessary to provide you with an estate plan that will protect you and your loved ones for years to come. When you come to us for help, you can count on us to provide you with personal attention and exceptional service. Please contact us today to schedule an initial consultation with one of our talented lawyers.