This is a question that is often overlooked when it comes to young people; however, the assumption that estate planning is not necessary until later in life is a misguided one.
Estate planning is much more relevant to young people than many realise, and when dependants are in the picture or plans are made to travel, it should become a priority.
Here are four important considerations that people of all ages should keep in mind:
1. Anyone 18 years or over can create an estate plan - While this may not be the most exciting aspect of turning 18, it requires careful deliberation, particularly if you have any dependants.
2. You may have more assets than you think - Clothing, jewellery and cars all form part of your estate. Less obvious are any digital assets you may have and superannuation funds with life insurance policies.
3. It is not just preparing a will - Estate planning is a lot more than that; you can also help prepare and protect yourself and your loved ones in the event of certain financial and medical emergencies by appointing an attorney.
4. Estate planning is important when travelling - Appointing an attorney through your estate plan can be very handy while travelling. An attorney will be able to help out when you run into certain difficulties and are unable to manage your own affairs.
Estate planning is a crucial contemplation for everybody over the age of 18, and should be carefully considered to ensure you and your loved ones are adequately protected.
If you wish to put an estate plan into place, or have any questions about your current estate plan, please do not hesitate to contact Tucker Partners.
For more information contact our team on 03 9691 5959
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