If you are a young professional, you are bombarded with a variety of different forms of advice including: (1) start saving for retirement, (2) start saving for your children’s college education, (3) pay off your student loans, (4) don’t use credit cards, (5) and make extra payments on your mortgage.
However, the one aspect that you may not hear about is to engage in estate planning.
Estate planning is not just for the wealthy or for the elderly … it is for young professionals too!
At the very least, you need a Last Will and Testament, Durable Power of Attorney, Healthcare Power of Attorney and Living Will. In the event that you are injured in an accident and need someone to make your financial and healthcare decisions for you. Without a power of attorney, your loved ones will have to go to court and have a judge nominate someone to be able to make your decisions for you!
In addition, without a Last Will and Testament, Tennessee law, NOT YOU, will determine who receives your property should you pass away. However, to avoid a long and expensive probate court process, you should consider a living trust.
However, the biggest reason that young professionals need estate planning is if you have minor children. Without estate planning you run the risk of your children being admitted to temporary foster care should you be sick, injured, or pass away. Also, you risk the possibility of your children being raised by someone you wouldn’t have wanted, or in a manner that you wouldn’t have wanted and without the values that you wanted to pass on to your children.
If you would like to get started, schedule a time to meet with your Nashville, Tennessee Estate Planning Attorney to discuss your options and what estate planning options might be best for you and your family.
Call Daniel A. Perry today at (615) 472-2482 to begin the process or protecting your loved ones and your family today!