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In reading this blog you understand that this information is not provided in the course of an attorney-client relationship and is not intended to constitute legal advice. This blog should not be used as a substitute for competent legal advice from a licensed attorney.  

Posts tagged trusts
What WILL happen? Estate Planning Basics for the Young Professional

Many of us choose to put off things like estate planning in our early years in the workforce for many different reasons.  We don’t have a lot of assets (thanks to student loans many of us are worth more dead than alive), we are probably going to live forever, we don’t have the money to pay someone to guide us, or maybe we just plain do not want to think about dying.  All of these opinions are common and understandable.

To alleviate some concerns, you should know that setting up simple estate plans does not need to be expensive, and you probably have more assets than you might think.  To justify some of your concerns, you are not invincible and you will someday die.  The question that you seek to answer by completing some basic estate planning is: what happens to my assets and family when I die? This blog is meant to provide some basic explanations for questions that I get frequently about estate planning basics. This information is no substitute for legal advice and if you are considering implementing or updating your estate plans give The Law Office of Mattias Johnson a call and let’s make sure everything is done right.

WILLS: Not to oversimplify things but a will is just that, what you ‘will’ to happen after you pass away.  For the young professional this will often include who would potentially assume responsibility for minor children and how that care may be funded.  It may also include a succession plan for a business with which you are involved.  Obviously, it would also include where your assets are to go.

POWER OF ATTORNEY: Often called a durable POA or Springing POA, this is a document that you execute to allow a designated person to make decisions on your behalf if you become unable to do so for any reason.  This document would allow the designated individual to sign and consent on your behalf for what that persons deems to be in your best interest.  You can also lay out specifics on medical care preferences and other issues that may help the POA in the event that they are called into action.

TRUSTS: Trusts are a wonderful way to set up your estate for the future, but generally a trust is going to require significant assets before it becomes a useful tool. 

LISTS: Although not a legal documents, strictly speaking, I always recommend that estate planners make some lists to help beneficiaries and designees facilitate your wishes at the time of death.  Lists can be of specific personal property that you want disposed of in a specific manner but can also include a list of your financial institutions so that others don’t have to go digging around to find out where your financial assets are located.

While no one wants to think about their end of life, knowing that you are placing as little burden on others following your death should alleviate some stress.  Recognizing that you have control even after you lose actual control, allows your legacy to live on and your wishes to be honored.  If you have any questions, please give The Law Office of Mattias Johnson a call and lets sit down and discuss.