Everyone can benefit from estate planning; it is not reserved for rich people, old people, or parents. Here are some of the estate planning needs of a young adult without a child.
Health issues are not age-dependent; they affect everyone from infants to senior citizens. Therefore, you need to ensure that you will be well taken care of if you are unable to do so due to health reasons. There are two vital things to do to ensure this is the case:
Many people think that only the wealthy need to plan for their estate distribution in case of death, but this isn't the case. Everyone owns things, and it is these things that you should plan for upon your demise. Even if you just own normal household items like computers, bedding, and sofa sets, you need to decide whether they should be donated to charity or given to your favorite cousin in case you pass away. This is as simple as writing a will for your estate.
Digital Asset Protection
These days most people own digital assets in the form of social media pages, websites, blogs, and even digital repositories, such as cloud storage accounts. Apart from online digital content, you probably have some things stored on your mobile phone, tablet, memory card, or flash disk. Do you want your family to get these things, or do you want them to be deleted upon your demise? You need to state your preferences and ensure that there is someone to enforce them, a digital executor, if the need arises.
Lastly, debt is a serious problem, especially among young people, and you wouldn't want the problem transferred to your family if you die. There should be a clear way of dealing with your debts if you die, and one of these involves buying a life insurance policy to pay them off.
To learn more, reach out to an estate planning attorney like Abom & Kutulakis LLP.Share
25 June 2018
Just as there are laws to protect us on the roads, there are laws to protect our families. Whether you are fighting for the right to see your children, or are in the beginning stages of a divorce, a lawyer can help. There are many laws and stipulations that can have a serious impact on the outcome of any family legal situation. Having a lawyer working at your side to get through a difficult time is the only way to ensure that your rights are fully protected. On this site, you will learn about some of the family laws that could be impacting your life today.