Tuesday, September 08, 2009

Estate Planning Tip of the Week

Does a Person in Their 20s or 30s Need Estate Planning?

There are levels of estate planning applicable to every age.  While many people in their 20s and 30s do not need an elaborate estate plan, they should complete a few basic documents.  The most important documents for this age focus on planning for accidents or illness, and include an Advance Directive for Health Care, which allows someone to make medical decisions on your behalf and provides guidance as to the types of medical care you want and don't want; a General Durable Power of Attorney for Finances, which allows someone to make financial decisions for you; and a HIPAA Release, which allows hospitals and medical institutions to release your medical information to family members or others.  Additionally, if you have a family of your own, a basic will is advised so that you can name who would raise your children in the event you and your spouse were severely injured or killed. 

Planning doesn't have to be complicated, but life tends to get very complicated when no planning is involved.

For more information on planning for young people, see Misconceptions About Estate Planning on the Articles Page.