Estate plans are not just for the old and wealthy

On Behalf of | Apr 28, 2020 | Estate Planning |

Young adults in the Tucson area may have a hard time envisioning what their life will look like as they age. They may be just starting off in their careers, newly married or unmarried at all and childless. One responsibility that may not even be on their radar is estate planning.

There are a variety of reasons why a person might put off estate planning. One reason is because they think it isn’t necessary until they are elderly. Another reason why a person might not execute an estate plan is because they think that since they are not wealthy, they do not need an estate plan. A person might also put off estate planning because they think it will be too costly both in time and money.

However, estate planning is important for any individual. There is no guarantee that we will all live to old age. Also, estate planning involves more than just the distribution of your assets — it also addresses your end of life wishes and who will make medical and financial decisions on your behalf if you become incapacitated at any age. In addition, even those of modest means may have personal property that they’d like to pass on to a loved one. Also, an estate plan does not need to be complex. Sometimes all that is required is a will or trust, a living will and a power of attorney, and you can always seek legal assistance in executing these documents.

As this shows, estate plans are not just for the old or wealthy. Young adults, whether they are married, single, have children or are not wealthy can all benefit from estate planning. The first step many take in doing so is to contact an attorney to discuss their options and get the ball rolling.