As a younger adult, you may think that you still have a considerable amount of time before you need to start thinking seriously about estate planning. However, creating this plan as early as your 20s or 30s can prove immensely useful because, unfortunately, serious accidents or illnesses could strike at any time. Certainly, you want your loved ones to know your wishes should such an event occur.
Even if you do not have a substantial number of assets or a wealth of money, creating an estate plan can still benefit you. Understandably, you may not know where to start in creating your plan, so one of the first aspects you could consider is your overall planning goals.
What kind of goals could you set?
Estate plans can cover a variety of aspects related to your life. As a result, you do not have to have a single goal that you want your plan to achieve; you can have multiple. Some goals you may want to consider include the following:
- Using your plan to make sure your children, if you have any, will receive proper care in the event of your passing
- Including details in your plan to donate some of your assets to charity
- Providing instructions for how your assets should be divided overall after your passing
- Making sure that any entrepreneurial efforts you may have already taken continue or remain in the family
- Using your plan to make sure that a disabled or special needs loved one obtains an inheritance in a way that does not jeopardize government benefits
- Preparing for the possibility of becoming incapacitated, which may include creating a living will and appointing a power of attorney agent
- Protecting assets through the use of a trust
- Ensuring that any pets you have will receive care after your passing
Your specific estate planning goals may go beyond those listed here. You may have a detail in your life that you believe needs special consideration, and you could want to ensure that your estate plan addresses it. Fortunately, you have many tools at your disposal when it comes to estate planning, and you may want to discuss your specific goals with a Washington attorney to determine how to create the best plan for your circumstances. By understanding the benefits of planning early, you may feel more ready to get started.