Is it Ever Too Early to Draft an Estate Plan?

 Well, if you ask an estate planning attorney, it’s never too early to create an estate plan. In truth, however, this is excellent advice. Creating a comprehensive estate plan is crucial to securing your financial future and ensuring your assets are distributed according to your will once you pass. Most folks delay this important task, often due to misconceptions about when and why creating an estate plan is necessary. Most folks think that delaying the process until later in life benefits them. Of course, no one wants to think about their own mortality, but having a comprehensive estate plan in place is crucial to your financial security. In this article, the Virginia estate planning attorneys at The Law Office of Angela N. Manz will discuss key life events that tend to necessitate the drafting of an estate plan.

Drafting an estate plan in early adulthood 

Well, it’s probably not on your agenda, but drafting an estate plan at the age of 18 is a conscientious move that covers your bases if you become incapacitated. There are two key documents that you should consider creating once you turn 18 years of age. These include:

• Durable power of attorney – this document designates someone to manage your financial affairs when you become incapacitated. This individual acts as your financial proxy if you were to suffer an injury severe enough to not be able to perform those duties on your own. We recommend that you update your financial power of attorney every five years to avoid difficulties with financial institutions accepting the document.

• Health care directive – this document is actually three documents in one. It contains a HIPAA release that allows your proxy to access your medical information, a healthcare power of attorney, and a living will. These documents together help outline your medical preferences and appoint a proxy to make medical decisions on your behalf should you become unable.

When 18-year-olds do establish these critical estate planning documents, it is often at the behest of their parents who sometimes pay for the legal costs associated with drafting these documents. Without these basic legal documents, family members can be left powerless in critical situations, which often leads to court proceedings.

Key life events are a good time to revisit your estate plan 

Whenever you experience a significant life event, it is a good time to revisit your estate plan. After turning 18, the next major watershed moment in your life will likely be your marriage. Following marriage, you will likely welcome a child into the world. This is a good time to update your beneficiaries and ensure that your assets are passed to your loved ones if you were to untimely pass.

Talk to a Virginia Beach estate planning attorney today 

The Law Office of Angela N. Manz represents the interests of Virginia Beach residents who are looking to update or draft an estate plan. Call our Virginia Beach estate planning lawyers today to schedule an appointment, and we can begin discussing your next steps right away.