I recently read an excellent article by an attorney that discussed several myths that people have about estate planning. I am going to repost parts of the article here over the next few days, with his permission, and I hope that you find it as good a read as I did.
Myth #1 – “It’s only for older people”
This couldn’t be farther from the truth! All people, from young adults to the elderly, are in need of some form of estate planning. The estate planning process involves asking some questions that younger people tend to think don’t apply to them, such as: “What will happen to my assets when I die? Who do I want to provide for if I’m no longer around to do so? What causes or charities would I like to donate to upon my death?” I like to call these questions the “who and what” questions in the estate planning process. Unfortunately, young adults tend to associate these questions with the twilight years of their life. I suppose it’s only human nature to think you’re more invincible when you’re younger. Nonetheless, all of us, to some degree, have been touched by the death of a younger person. The estate planning process enables clients of all ages to address the “who and what” questions mentioned above.