subject: Estate Planning for the Not-So-Senior Citizen [print this page] Estate Planning for the Not-So-Senior Citizen
If you say "estate planning," most people immediately think of the elderly. Wills, Trusts, end-of-life issues those are things that seniors must deal with the younger generations have nothing to worry about, right?
Well, maybe not.
While life expectancy is certainly getting longer, there are plenty of examples of young, healthy people just dying without warning. Some have heart attacks for example, while others die in car accidents. But of course, the cause isn't the point.
Death, that's the point.
We don't know what tomorrow may bring and the truth is, losing a loved one in their 20s or 30s is just as hard if not harder- as it is to lose a grandparent who's lived to the ripe old age of 94.
These twenty and thirty-something's have young children to support. They have big mortgage payments and student loans that are still being paid off. They're just now starting to hit their big earning years so to suddenly find yourself a widow or widower before you've hit 40 can be devastating, emotionally and financially.
That's why it's so important to move estate planning to the top of your to-do list. You need a Will or Trust to be sure, but there's a few more documents you need in your arsenal.
A Living Will and Powers of Attorney for healthcare and financial decisions, should you become incapacitated.
A designation of a guardian to care for your young children if you and your spouse should die before they reach legal age.
A designation of a conservator for your kids to handle their inheritance until they're old enough to do it themselves.
A life insurance policy that can cover your funeral expenses in addition to paying off some of your debt or perhaps even paying off your mortgage.
Information on your employer-sponsored life insurance coverage.
A list of your online accounts, complete with logins, passwords and PINs.
A list of your bank accounts, your retirement accounts and any other sources of income you might have.
No, this may not be a pleasant project to take on but it's one that's critical for the well-being of the family you'd leave behind. And when you're done, when you have your estate plan in place, you'll know that the ones you love will always be protected, no matter what the future might hold.
