Why would a young person choose to turn power of attorney over to a trusted relative? Perhaps the young person intends to travel away from Texas for a time, and the relative could handle bills, investing and other financial matters if something unexpected happens. Such measures could prove valuable when young people take part in estate planning.
Most people find it challenging to think about their mortality. However, death brings with it responsibilities. To help loved ones in the event of an untimely and premature passing, drawing up a will could make an individual’s affairs much more manageable. Generally, any person of sound mind and legal age could write a will. It might be wise to hire an attorney to draft the document, though. This way, the language may prove clear and the directions understandable.
A young person might assume that only wealthy people write wills. However, anyone with assets could benefit from writing a will. Someone in their early 30s might own a vehicle, have funds in a 401(k) or have bonds gifted to them by parents. These are only a handful of examples of assets that could be distributed in a will.
Wills require an executor to handle matters during probate. When writing a will, it is prudent to choose an executor carefully. Estate planning could also involve taking steps to distribute assets without probating the will. Setting up beneficiaries and joint accounts, when possible, eliminates the need to go through the probate court. An individual retirement account, for example, can have a beneficiary designation.
Other things to consider include drawing up a living will or a health care proxy. People can suffer from unfortunate accidents or unforeseen medical emergencies. A person on life support would not be able to make directives to a doctor. However, a living will could stipulate what a person wishes. The health care proxy would move those decisions to another person.
An attorney may help someone of any age with estate planning. The planning could also entail revisions as the client grows older and their circumstances change.