All Ages Should Take Part in Estate Planning

Estate planning is for everyone, and the earlier in life you start planning for your future, the  better. 
Creating and implementing a thoughtful estate plan will give you peace of mind. 

Young and Single 

If you die without a will, a probate court will decide what happens to your assets. 

Other key documents to have in your initial estate plan include a HIPAA authorization form, an advance health care directive, and a financial power of attorney. The financial power of attorney is used for naming the person, or persons, who are allowed to make financial decisions for you  when you are unable to do so. 
The advance health care directive does the same thing as the financial power of attorney, but for medical decisions. The HIPAA authorization form is basically a list of persons who are allowed to receive your medical information. You can explain what should happen to your body after you die and what type of memorial service you want. 

Young and Married 

Your spouse may not automatically be able to act on your behalf and make decisions for  Spell out every detail in your documents. 

If you have children, be sure to factor them into your plan as well. 

Later in Life 

Your estate plan is likely more robust and complex than when you first started it years ago. It may contain a revocable trust or an irrevocable trust, or both. Aside from your primary residence, you may have other properties, such as a vacation home. 

This document is designed for general information only. The information presented in this document should not be construed to be formal legal or tax advice nor the formation of a lawyer/client relationship. 

For more information on this and other topics, please contact Kevin via any of the channels listed below:

📧 kevin@kmckernan.com 📞 718-317-500