Five Estate Planning Moves to Make Right After College

You are just transitioning from the life of a student to the life of an adult. Suddenly, there are so many things to be responsible for and so many decisions to make. As you adjust to working full time and being out on your own, you will need to make sure that you have enough money for many grown-up concerns such as utilities, insurance, and food.

You Can Also Benefit From Making Grown-Up Estate Planning Moves

You are hopefully many decades away from needing a will, trust, or other estate documents. However, the plans that you make now can help you protect your parents, significant others, and loved ones if you are hurt or if you die too soon. Additionally, the plans that you make now can help protect your financial future.

In order to accomplish these goals, it is important to consider:

  • What you would want to happen if you were in a serious accident and were unable to make medical decisions for yourself. A living will can allow you to direct your own medical care even if you are unable to speak.
  • Who would make financial decisions for you if you are unable to do so yourself. A durable power of attorney can give someone legal permission to pay your bills and make financial decisions for you if you are unable to do so.
  • Who you would want to inherit your possessions if you die. A will and trust can help you make sure that the people whom you want to inherit your possessions actually do so if you die. If you die without a will then your possessions will pass to those named in California state law—which may not be how you would have wanted your possessions disbursed.

Additionally, if you have financial assets then it is important to make sure that they are protected and working for you financially.

How to Get Started

You have probably never done this before. These documents are new to you and you may be overwhelmed as you think about how to get started. You do not have to do this alone. Instead, you deserve to start your estate planning the right way with individualized advice from an experienced attorney who will listen to your concerns and make sure that your estate plan reflects your wishes.

To learn more about estate planning in general, read our FREE brochure, The Ten Things You Must Know Before Creating (or Amending) Your Will or Trust. To set up a meeting with an estate planning lawyer fill out our online contact form today.

 

James F. Roberts
Founder and owner of the Law Office of James F. Roberts and Associates, a premiere estate planning law firm