Common Excuse: I’m too young to create an estate plan.
In the majority of instances, younger families may not impact their family for decades to come. The truth is this can’t be guaranteed, and in the circumstance where an unfortunate event does occur, similar to an instance of not having life insurance, the lack of attention to an estate plan can be extremely detrimental to your loved ones. Although the hope is not to need it during our earlier stages of adulthood, timely planning can help protect the livelihood of your family for the rest of their lives in unforeseen circumstances.
Your estate plan is much more than who will inherit your possessions after you die. It will include your Medical Power of Attorney (aka your Health Care Proxy), which is where you express your wishes regarding any medical treatment if you are incapacitated. An estate plan also includes your Financial Power of Attorney.
There are many reasons why it’s never too early to attend to estate planning. Your Last Will and Testament or Trust is just one component of many to consider. Speak to a trusted estate planning attorney at Danna & Associates, PC to ensure you are adequately protected. Our office in conveniently located at 406 Forest Avenue, in Staten Island.