Like most other young adults throughout the country, many here in Tennessee have not even thought about what will happen to their assets and/or young children if they pass away. However, current events may have them wondering whether they need to engage in some estate planning after all. The question they may ask is what they need in case they pass away suddenly.
Even having some of the basic documents could help. For instance, just about everyone needs a will, but other estate-planning documents could provide benefits to both the person creating them and family members. Powers of attorney allow them to choose trusted individuals to handle their finances and health care decisions when they cannot make these decisions for themselves. For instance, when a living will is combined with a health care power of attorney, an individual may be have some peace of mind that their wishes will be followed when it comes to end-of-life care.
In some cases, having a trust may help protect assets someone wants to leave to a loved one. Upon death, the beneficiary or beneficiaries of the trust will have quick access to the assets held in it without going through probate. It may also help ensure continuity if the individual becomes incapacitated due to an illness or injury since the successor trustee can step in and handle financial matters when the trust’s creator is not able to do so.
Young adults may not think they have any need for estate planning, but if recent events have taught people anything, it is that a long life is not guaranteed. For Tennessee young adults, especially those who have children, doing some planning may be beneficial.