Do you know what is being done in your community to protect the citizens from crime? Do you have a crime-watch program? Is there a community website that lists the current investigations and events that may have recently occurred? Law enforcement officials can only do so much when it comes to protecting a community. If your community is not active in protecting itself, crime rates could rise and many residents could find themselves the target or victim of crimes. Visit my blog to find out what you can do as a community to lower crime rates and help the law enforcement officials do their jobs.
Estate planning as a whole is a topic generally assumed to only interest older adults and those with children and spouses they need to protect. However, even a single adult still in their 20s can make life a lot easier by taking the time to start thinking about estate planning early on. These three steps are easy to take while you're still young and offer lifelong protection and ease of mind without requiring you to do much work on your part.
1. Healthcare Decisions
First, you'll want to send up an advance healthcare directive and name a revocable power of attorney for healthcare matters regardless of your age. Someone who has just turned 21 is just as likely to experience a serious illness or injury as a 91-year-old, and you don't want to deal with the effects of poor healthcare planning after you recover. Most young adults just assume their parents are automatically given the power of attorney if they're incapacitated, but in many states, this is not a given fact. Naming your parents, current partner, or even just a reliable and trusted friend ensures that you know who is making decisions for you when you can't do so yourself. Written directives also ensure you get exactly the care you want and nothing is done to you against your wishes.
2. Financial Control
Again, your parents or partner are not automatically assumed to have the right to your finances if you unexpectedly pass away. A single document stating who should have financial control over your estate, even if it's just $500 in your bank account and your rusty older car, greatly improves the experience of those you leave behind. It's already very hard on parents, spouses, and loved ones to lose someone at a young age. You don't want your poor estate planning to force them to spend weeks in probate court just to gain control of your assets.
3. Beneficiary Benefits
The easiest form of estate planning for people in their 20s is simply checking that the beneficiaries on your various policies are set as you wish. For example, any retirement fund or life insurance offered by your job will ask where you want the benefits directed if you pass away. Many young adults are at a loss as to who to set for a beneficiary, so having a discussion with your partner or friends can help you decide. It's completely up to you to direct the benefits, so you're free to sign them over to a friend who you'd like to support. Just make sure you regularly check this information and keep it updated as your relationships change and grow.
For more information, contact a law office like Abom & Kutulakis LLP.Share
20 May 2018