Achieving your goals gives you a deeply satisfying and rewarding feeling. Securing that promotion, getting a new job, being able to make a down payment on your dream home – these are things that many people only dream about.
After you have gotten a firm foothold on your future, it is important that you consider estate planning. There is much more to planning your estate than just ensuring your medical wishes are known and establishing a plan to distribute your assets – especially if you fit into the category of “young professional.”
The culture is evolving, and people who achieve success while they are young usually have very different priorities than those in past generations. As a result, you may want to consider the following when speaking with an attorney about your estate plan.
Planning for Your Pets
It is no big secret that today’s young people love pets. In fact, it’s estimated that 75 percent of people who are in their 30s have dogs, and 50 percent of these people have cats.
What is going to happen to these beloved friends when you pass?
To ensure they are cared for, you need to include a section about them in your will. From a legal standpoint, your pets are personal property, and there is no way to know what may happen to them if you are in some type of catastrophic and untimely accident. You can also establish a specific pet trust to ensure that a trusted person will have the resources to take care of your pet after your death.
Plan for Future Children (Even if You Never Have Them)
While you love your pets, you may also have children at some point down the road. Even if you have yet to make a decision regarding if you will ever have children, or even found a partner, it’s smart to go ahead and designate a guardian for these children.
This is true even when your children are not in the picture. It never hurts to be fully prepared.
Create and Assemble Your Important Documents
Talking to your family members and friends is a great way to let them know what your wishes are if the unthinkable ever happens. Keep in mind though, a conversation you had over dinner isn’t going to stand up in court. Be sure that all of your wishes have been properly documented and they are organized in a location your attorney can access.
The same applies to other important documents, such as car titles, life insurance policies, property titles, birth certificates, Social Security cards, your will, mortgage documents and tax returns. It’s a good idea to make sure all your important documents remain together in a secure location in case you are ever in a situation where you are unable to speak.
Having a plan in place is smart. While not everything found here may apply to you today, there is a good chance it will in the future. It’s a good idea to go ahead and speak with The KC Estate Planner, LLC, about getting your estate plan started. The peace of mind it can provide is well worth the investment.