Young people don’t think about estate planning in Washington DC enough. They often have the opinion that they aren’t old enough to think about it, or they don’t have enough assets, but it is never too early to start planning your estate. Being prepared is important for everyone, no matter how old you are, which is why our team of experienced lawyers have come up with this list of helpful tips:
- Life Insurance- The best time to buy life insurance is when your young because it is super cheap! If you die prematurely, your life insurance will help your family pay for things like, funeral costs, medical bills and any debt you may have accumulated.
- Prenuptial Agreement- You may think that you don’t have enough assets right now to consider a prenuptial agreement, but in the future you probably will. This can also save you from inheriting your partner’s debt.
- Living Will- Take a moment to consider what you would want to happen if you suddenly weren’t able to make your own medical decisions for instance, if you were in a coma. A living will tells your loved ones exactly what you want to happen.
- Last Will and Testament- Who will take care of your kids if you pass away? What will happen to your assets? Who will handle your estate? Even a basic will is a good start to answering all of these questions.
Unfortunately, many people assume that having an estate plan is just for older people who have a lot of assets, but this isn’t the case. Everyone needs to think about an estate plan, and JDKatz Attorneys At Law can help. Contact us today to get started.