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Estate planning beneficial to young professionals

On Behalf of | Feb 6, 2022 | Estate planning |

Many young professionals in Georgia do not have a lot of assets when they are first starting out. That, coupled with their relatively young age and good health, means that estate planning is probably one of the last things they think about. However, even young professionals can benefit from having an estate plan in place. 

Protection for themselves, their assets and their loved ones 

Most young professionals do not have children yet, and many have only meager assets to account for upon their untimely passing. However, they must keep in mind that estate planning is more about asset protection. The process can specify a person’s wishes with regard to health care and lifesaving or life-extending efforts. Once a person reaches the age of majority, his or her parents cannot make important decisions for their son or daughter regarding resuscitation efforts, financial matters and other areas should the young adult become incapacitated. 

As such, a young professional will need to create an estate plan that details his or her wishes for end-of-life support and other matters. This includes how assets are to be distributed should the unthinkable occur. It’s also possible to consider creating trusts that name a trusted individual to make these important decisions for the estate owner and administer the estates should the estate owner die. 

Seeking legal counsel 

Estate planning is an important step for all, regardless of age, asset ownership or health. Any young professional in Georgia who wishes to create a plan will want to work with an experienced estate planning attorney from the start. More comprehensive than so-called do-it-yourself plans one can find online, a solid estate plan drafted by a licensed attorney will align to all state estate planning laws and will be fully enforceable in a court of law.