“Estate planning isn’t just an issue to tackle with your older clients, it’s for young clients, too,” writes Tania Brown CFP® in Forbes.
But do most young people, who don’t have a lot of assets, need an estate plan? Yes, if only to help loved ones pay for funeral and burial expenses, Brown says.
Maybe you only have debt, but Brown’s advice still applies, says Marc Henn, CFP® in U.S. News & World Report. “If you want the people around you to appropriately deal with your finances, a plan is still just as important.”
Brown recommends five estate planning steps for younger clients:
- Create a health care directive
- Create a list of social media sign-on information, designating someone to take over
- Consider a life insurance policy to pay for funeral expenses
- Write a will designating who will receive mementos that may be important to family members
- Designate beneficiaries for your bank accounts, 401K, and life insurance
At Geyer & Associates, we view estate planning as a dynamic, continuous process. Life’s journey, beginning with our youth, is fraught with change – Attending high school, then college. Marriage. Children. A new business. Retirement. Incapacity. Death. Each stage of the journey requires careful planning to protect the people, the assets, and the values most important to you.
Just two of the specific issues younger clients should contemplate include:
- Protection from potential creditors’ claims
- Protecting privacy in social media accounts and making sure family members have access in the event of incapacity or death
As Indianapolis estate planning and elder law attorneys, we know we need to offer a full range of options – for a full range of ages – and that we remain responsible to serve as a resource for each generation.
– By Kimberly Lewis of Rebecca W. Geyer & Associates