Younger people may not have put too much thought into planning for the future of their assets after they pass away. Many millennials do not yet have children, and others have accumulated little in terms of assets. While people may have investment accounts, many often struggle with student loans. People who are single with no children are generally less likely to think about making a will or completing other documents. However, adults of any age can benefit from making an estate plan, especially if they want to provide for pets or have a say in key health care decisions.
Some of the most important documents for adults of all ages and financial means are a durable power of attorney for health care and a living will. A durable power of attorney can name a trusted person to act on someone’s behalf in terms of health care decisions. A living will can lay out a person’s wishes for how they want their end of life decisions to be handled. Powers of attorney are not limited to health care decisions. People can also name a power of attorney for financial and other matters.
In addition, a will or a trust can be important for people even with limited assets. Many assets, like bank accounts, can be transferred by joint ownership or beneficiary designation. Any important possessions that cannot be require some form of document to ensure a person’s wishes are carried out.
People of all ages can benefit from thinking about the future and ensuring that they have plans in place for emergencies. An estate planning attorney can help people draft key documents to protect themselves and their loved ones.