Younger Generations Encouraged to Create Estate Plans
While many individuals believe estate plans are for older, wealthy people, estate plans can actually benefit everyone who is financially sound. Those who are young, old, have families, or are child and spouseless can all greatly benefit from having comprehensive estate plans based on their needs and desires. In fact, more and more young people are creating estate plans, according to charitable foundations and financial advisers. For example, tech entrepreneurs such as Mark Zuckerberg and Bill Gates have established charitable trusts via their estate plans and have donated millions of dollars to specific charities. These individuals are inspiring the younger generation to do the same—create estate plans and donate money to charities while they are alive instead of after they have passed away.
By doing so, you can see firsthand what the charities you donate to actually do with your money. You can see the charities and foundations flourish throughout your lifetime based on financial contributions such as yours, instead of leaving them a lump sum of money in your will or other type of trust after you pass away. Estate plans are no longer for the old and wealthy; they are for the young, up-and-coming, business-savvy individuals.
When should you create an estate plan?
According to financial advisors, you should create an estate plan and charitable trust when you have a certain amount of money to your name. If you have more than $100,000, you do not want to pass away without an estate plan—as doing such may mean a court-appointed executor can decide what happens to all the assets you leave behind. Instead of leaving your hard-earned money in the hands of someone who may not know your wishes, create an estate plan. An estate plan can dictate how your money is divided upon your passing.
Estate plans are also beneficial because you can name individuals to help ensure your financial and healthcare wishes are followed in the event you become incapacitated. By selecting a healthcare and financial directive, your financial and healthcare desires can be respected and followed by all appropriate parties if you are unable to carry out your own wishes. If you have specific medical beliefs and financial plans, it is imperative you create an estate plan.
Create an Estate Plan Today
It is understandable you don't want to think about your passing, but to ensure your wishes are respected and your assets are divided according to your desires, it is vital you seek the assistance of an experienced estate planning attorney. The Huntington Beach estate planning lawyer at Sterzer & Associates, A Law Corporation, has extensive experience drafting and creating comprehensive estate plans for clients. No matter what type of documents and trusts you want in your estate plan, we can help. Please contact our firm today to learn how we can help you create a new estate plan or amend an older, out-of-date estate plan to ensure your wishes are respected and followed; both while you are alive, as well as after you have passed away.