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Photo of Professionals at Doyle Quane
Premier Estate Planning & Family Law Attorneys in Danville, CA

Everyone needs an estate plan

On Behalf of | Apr 12, 2023 | Estate Planning

People often believe that estate planning is something they can put off until they’re older. Maybe they decide that they’ll make a plan when they retire, for instance.

The truth is that everyone could have an estate plan. Any legal adult needs to have a plan in place. Here are some reasons why it can help at multiple edges.

Powers of attorney

For one thing, once someone turns 18, they are responsible for their legal and medical decisions. They can also make their own financial decisions and access those accounts.

But what if that person is injured or becomes incapacitated for some reason? Setting up a power of attorney gives another person the ability to act on their behalf. When they were younger, that person’s parents could make decisions for them, but they need to legally specify who they want to take on this role once they become an adult.

Estate planning for parents

But it is not just children who are growing up who need to make estate plans. They can be very beneficial for new parents, as well.

For example, what happens if parents pass away while they still have children who are minors? Someone needs to take care of those children and help to raise them, make their financial decisions, assist with medical decisions and much more. Parents can choose a guardian who will do this. Planning in advance, allows them to speak with the guardian, select someone that they trust and make sure that the whole process goes smoothly.

Setting up your estate plan

These are just a few of the reasons why estate planning can definitely be done at a younger age. If you’re interested in setting up a plan, just make sure you know what steps to take.