Estate planning is not just for the old

Young Missouri residents may be interested in learning the value of an estate plan. Not only does an estate plan essentially reflect a person’s wishes after he or she has died, it also makes known the person’s desires regarding vital medical decisions in the event a medical emergency or serious illness has left the person unable to speak.

Having an estate plan in place is also a good idea because it can help avoid potential family disagreements regarding options pertaining to the person’s medical treatment. For example, while one family member may desire the person to stay on life support, another family member might have a different view. A power of attorney or a living will are ways that a person can make a clear statement in answer to matters pertaining to medical and personal decisions.

Another personal matter that can be settled in a will is how a person’s social media accounts will be handled. To avoid confusion, the type of accounts, names, passwords and other pertinent information should be outlined in the will, as well as the name of a person chosen to oversee the accounts.

The will should also include directions on how the person’s funeral expenses will be covered. The money should come from the person’s estate such as life insurance benefits, a savings account or an investment. According to a recent report, more than 95 million American adults have no life insurance in place. A life insurance policy can greatly benefit a person’s loved ones in the event there are no other funds to pay for end of life expenses.

A written will is an important part of estate planning. Because everyone’s circumstances are different, many people retain the services of an attorney who may assist them with trusts, a living will and related issues and to help ensure that the person’s family and assets are protected.

Source: Forbes, “Young People Need Estate Planning Too”, Tania Brown, Aug. 20, 2015

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