Estate planning is central to ensuring the legacy you leave is in keeping with your wishes. Many young people, however, are under the impression that estate planning is something you only need later in life; in reality, everyone should have an estate plan in place. Below are three tips to help those under 40 start this important process.
3 Tips to Help You Plan Your Estate
1. Have Crucial Conversations
Before you start putting your plans in writing, have some sensitive and necessary conversations with your loved ones. Who do you want to become guardians of your children? What are your preferences for medical care if you become unable to make decisions for yourself? Do you have specific ideas for your funeral or memorial? These are all crucial questions to ask to get the right estate plans in order.
2. Begin Your Estate Planning Now
You might think you don't need a plan because you don't have substantial assets, or you just have debts. But estate planning is for everybody; after all, your heirs will need to know how you want them to manage your finances after you're gone. By initiating the process now, you are preventing stress for yourself and your loved ones down the road.
3. Hire an Estate Planning Attorney
Having the assistance of an estate planning attorney will ensure your exact wishes are respected. As a result, your plans will be tailored to your needs and accurately reflect your goals. Your lawyer will also guide you through the documents that will best serve your estate now and in the future, from wills and trusts to durable powers of attorney.
Attorney Pete McInish of The Law Office of Peter A. McInish in Dothan, AL, has been serving the area in estate planning matters for more than 30 years. Call (334) 671-2555, visit his firm's website, or connect with them via Facebook or Google+ to schedule a consultation. Regardless of your age, the right estate plans will help you make the mark you want to leave on the world.