How Can Young Professionals Benefit from an Estate Plan?

If you are a young professional, you may understandably hesitate to create an estate plan. However, whether you have family wealth or are building your own, by creating an estate plan now you can safeguard your and your family’s interests, and have more peace of mind knowing you are planning for possible future eventualities as well as putting in place a strategy to safeguard your assets today with the help of a knowledgeable Illinois estate planning attorney. 

Reasons Young Adults Should Have an Estate Plan

• Family Support: Having an estate plan in place can ensure that your assets as a young professional are protected for the benefit not only of your current family such as parents and siblings but also for any children which you may have in the future. 
• Planning for the Worst Case Scenario: Most of the time things go according to plan, but when they do not have an estate plan in place can protect you and your loved ones, whatever your age.
• Financial Security and Protection of Assets: As you begin your career, it will be a huge financial advantage in the future to have spent some time thinking about how you wish to structure your estate to protect your assets. This strategy will pay back as you amass savings and wealth during your career progression. 
• Unmarried couples: If you are a young adult who has not married but is in a committed relationship, having an estate plan can protect your unmarried partner. 

Preliminary Young Professional Estate Planning Strategy

Estate planning should take into account the particulars of your individual personal and financial considerations, but there are a few aspects of an estate plan that we recommend for young professionals: 

• Last Will and Testament: This document is the minimum requirement for an estate plan. A properly drafted and official will ensures that should you pass your assets will be distributed in the manner you choose. A will can also provide guardianship protection for any children you may have in the event something happens to you while they are still minors. 
• Power of Attorney: By executing a power of attorney, you give a trusted individual the power to make financial or health decisions on your behalf. This can be helpful not only in the event something goes wrong, but for some people with busy lives, even a temporary and limited power of attorney can free you up to focus on other areas of your life.
• Healthcare Proxy: If the worst happens, having a healthcare proxy in place can ensure that someone is taking care of your interests in a health emergency when you are not able to do so. 
• Trusts: If you have children, you can set up a trust in their name. You can also set up a trust for the protection and care of a treasured family pet. Finally, trusts can be great vehicles to protect your assets as you build wealth in your career. 
• Review: Especially as a young professional, your financial circumstances and needs will change as you progress, and it is vital to review your estate plan from time to plan to check if other estate planning instruments fit your needs better. 

Contact a Naperville, IL Estate Planning Lawyer

As a young professional, you may not consider how important it is to have an estate plan in place. Attorney Denice Gierach understands that a well-crafted and thought-out estate can not only protect you and your family in the unlikely event that the worst happens, but that you can put strategies in place that will safeguard your assets as they grow with your career. Contact our Naperville, IL estate planning lawyer at the Gierach Law Firm at 630-228-9413 to schedule a consultation to discuss your estate planning needs at any age.