Planning For Your Future as a Young Adult
It’s so good to think about and make plans for the future! As a young adult you have so much ahead of you. There’s a lot of excitement, but there is also some fear and a lack of understanding about certain things— which may make you feel unequipped to make decisions about those things. Just so you know, older people feel the same way! When we don’t understand something it can be scary to do anything about it.
That is why we are so passionate about estate planning for everyone! Young adults need a plan just as much as older individuals!
We have some tips and tricks for the young adult trying to plan well for their future.
Talk to Professionals
People who work in industries such estate planning, financial planning, and business planning love meeting with younger individuals to help them get started! If you know you should be doing something to plan for your future but don’t know where to start, seek out a professional and pick their brain.
Before doing any estate planning, meet with a skilled professional whose practice focuses on estate planning. Ask all the questions you have and then ask them which questions you should be asking. A great estate planning attorney will also ask you questions about your current situation and your goals. Talking to an estate planning attorney is a great place to start. Your estate planning attorney may have referrals for other professionals you should talk to as well.
A business planning or corporate law attorney may be a powerful resource for you if your future goals involve starting or acquiring a business. Often your estate planning attorney also handles business law. It’s very important to make sure your business is on the up and up to prevent any tax liability or fraud.
A good financial planner is also an incredible resource. Not all financial planners are created equal. Our firm works with many financial planners and after meeting with you may be able to provide a referral to someone who can help you achieve your financial goals.
Take Classes
Another way to learn about how to plan for your future is by taking classes. Many community centers offer classes about financial planning and estate planning at very low cost. These classes serve to provide a baseline understanding of these topics. Once you’ve finished the class you can consult with a pro— if you haven’t already.
The internet is also a great resource. Just remember that not everything on the internet is true and an estate planning attorney local to your community has the best understanding of local law.
Sarah has written a book for people just like you wanting to learn more about estate planning. Download a free copy of the book here: Read Peace Of Mind Through Estate Planning By Sarah Siedentopf.
Get An Estate Plan
If you own anything you have an estate. And if you have an estate you should have an estate plan. Your estate plan while you are in your 20s is not going to be the same plan you use when you’re in your 60s, but that doesn’t mean you shouldn’t have one in your 20s.
It is likely your estate plan at this young age will be very basic— not utilizing any complex tools. And that is okay! You should still have an estate plan in place– especially if you have a child. Even if you have limited assets you need an estate plan in place so that if something were to happen to you, you wishes are clearly outlined and can be followed.
At minimum your estate plan should include a Will, Power of Attorney, Advance Directive for Healthcare, and a Standby Guardian (if you have children).
Your Will outlines what should happen to your assets if you die and also is the only document where you can name a guardian for your minor children.
A Power of Attorney allows you to name an individual or entity to make financial and legal decisions on your behalf should you become incapacitated. You can also choose to allow this power to begin immediately rather than at incapacity.
An Advance Directive for Healthcare allows you to preselect to receive or decline certain catastrophic medical care should you be incapacitated. Additionally, it allows you to name an individual or entity to make medical decisions on your behalf should you be unable to.
Lastly, the Standby Guardian allows you to name a person to receive temporary guardianship— and the power to make medical decisions on your child’s behalf— should to be unavailable to do so. Perhaps you are injured in an accident, on vacation and unreachable, imprisoned, or kidnapped.
The hope is that you will never need to utilize most of these forms— and if you do you will be many decades older. But having them in place now is a security that provides peace of mind.
So, as you can see, you are not too young to begin planning for the future. The best way to do this is by consulting with skilled professionals who know their stuff. Call us at (404) 736-6066 or schedule a consultation.
