Ronald Fatoullah & Associates - Elder Law

Young, single adults need an estate plan

All adults, even those who are single, need to have an estate plan to provide instructions about where their assets will go when they pass away. It might not seem like you need to take your time to do this, but if you pass away without an estate plan, state laws will dictate who gets your things. There is a chance that this won't match what you want to happen for them.

Even if you think that the state law will pass your belongings down in the way you want, you still need to set an estate plan. Your loved ones will likely be able to get everything handled faster and a bit easier if you do have everything set up for them.

Another thing that you can do in your estate plan is to outline what type of medical care you want to have in place if you become incapacitated. You can even give someone powers of attorney to make health care decisions for you. This is another step that can ensure that you are taken care of like you want.

Some young adults worry about what will happen when they get married or have a child. The good news is that you can update your estate plan to reflect your new wishes when you have changes in your life. Most people need to review their estate plan once per year to ensure it is still set up as intended. This doesn't have to take a long time, but you should be sure to get it put on your schedule, so you don't forget.

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