Estate planning isn’t just for the elderly. It’s a crucial step for everyone, regardless of age, especially young adults. While you might think you don’t have enough assets to warrant estate planning, it’s about more than just money. It’s about protecting yourself, your loved ones, and your future.

Why Estate Planning is Important for Young Adults:

• Protecting your loved ones: Even if you don’t have significant assets, you might have valuable personal belongings, digital assets, or even life insurance policies. Estate planning ensures these items go to the people you care about.
• Medical decisions: A healthcare directive (also known as a living will) allows you to specify your wishes regarding medical treatment if you become incapacitated. This is especially important for young adults who may not have considered these scenarios.
• Guardianship for children: If you have children, even if you’re young, it’s essential to designate a guardian in case something happens to you. Without a will, the court will decide who takes care of your children.
• Avoiding family disputes: Clear estate planning documents can prevent disagreements among family members after your passing.
• Peace of mind: Knowing your affairs are in order provides peace of mind, allowing you to focus on enjoying life.

What to Include in Your Estate Plan:

• Will: A will is the foundation of any estate plan. It outlines how you want your assets distributed and designates a guardian for your children.
• Healthcare directive (Living Will): This document expresses your wishes regarding medical treatment if you become unable to make decisions for yourself. It can include instructions about life support, resuscitation, and other medical interventions.
• Power of Attorney: This document authorizes someone you trust to make financial and legal decisions on your behalf if you become incapacitated.
• Beneficiary designations: Review and update the beneficiary designations on your life insurance policies, retirement accounts, and other financial assets.¹ Make sure these designations reflect your current wishes.

Getting Started:

Estate planning can seem daunting, but it doesn’t have to be. Here are some steps to get started:

• Take inventory of your assets: List all your assets, including bank accounts, investments, personal belongings, and digital assets.
• Think about your wishes: Consider how you want your assets distributed and who you want to care for your children if something happens to you.
• Consult with an estate planning attorney: An attorney can help you create the necessary documents and ensure your wishes are carried out.

Don’t wait! Estate planning is an essential part of responsible adulting. By taking these steps now, you can protect yourself, your loved ones, and your future. It’s an investment in peace of mind that’s well worth it.

Learn more about Estate Planning with Feliciano Financial Group, contact us today to discuss Wealth Planning, Wealth Management Services and your Financial Blueprint.