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Estate planning is important for younger adults too

On Behalf of | Aug 12, 2020 | Estate Planning |

To some younger people, the idea of estate planning may seem strange. They might not have many assets, and they may not have children or a spouse. Also, estate planning often infers wills and probate, which seems more appropriate for older people. Despite all this, writing a will is certainly appropriate for younger people in Maryland. Even someone in his or her 20s or 30s could speak with an attorney about estate planning. Doing so could make life less difficult for surviving relatives and others.

One thing to realize about estate planning is the process could involve more than writing a will. For example, the planning may entail choosing a health care proxy. Such a person would act as a personal representative capable of making health care decisions should the grantor become incapacitated. Designating someone to serve as a health care proxy could make the aftermath more manageable.

A living will is another option when it comes to planning health care matters. With a living will, the creator has a document that serves as a testament to their wishes should they become incapacitated. Maybe they would prefer a “do not resuscitate” order instead of remaining on life support.

For most people, the first step into estate planning is to create a will. This presents the deceased’s wishes to the probate court. The will essentially tells the court who receives what when it comes to distributing assets. An executor of the estate handles the task of carrying out the will’s orders while also paying off debts and dealing with other responsibilities. Effective estate planning might involve making the best choice for the executor of the estate.

Estate planning might also involve setting up beneficiary designations or joint ownership of accounts to avoid probate. Someone who owns shares of stocks could set up a relative as the beneficiary. These assets would then pass outside of probate. While estate planning can be complicated, an attorney could walk a client through the process.