Estate Planning Is Not Just For the Old and the Wealthy

If you are young, or you do not have many assets, you still need an Estate Plan.

Estate planning is about more than just death and taxes, according to the Times Herald-Record in "Everyone can benefit from an estate plan."

Almost all estate plans today include some legal documents that are traditionally considered “elder law” documents. Despite the term "elder law," even young people need these documents because they are more about planning for disability than they are about planning for death.  That is planning for the possibility that you could have an accident or illness that does not kill you; however, it can leave you legally incapacitated, even if it is only on a temporary basis. These documents include a health care power of attorney so someone else has the authority to make health care decisions on your behalf if you are unable to do so.  It also includes a general durable power of attorney so someone else can handle your finances if you are unable to do so.

Of course, there are numerous other estate planning issues that could arise for people of any age or economic status.

An experienced estate planning attorney can advise you on creating an estate plan that fits your unique circumstances.

Reference: Times Herald-Record (May 17, 2018) "Everyone can benefit from an estate plan."