In the previous part of this series, we looked at three of the documents that a Milford estate planning lawyer would most recommend for a new, young professional:
- Beneficiary Designations
- Financial Power of Attorney
- Medical Power of Attorney
There are two other must-have documents for the young professional, however.
- Last Will and Testament
- Beneficiary Deed
Wills
Now we’re finally getting to the part that most people associate with an estate planning lawyer: the last will and testament. While you may initially think that you don’t really have much need for a will, think again. A will is designed to give you a pretty authoritative say in what happens to your estate upon your death. Without a will, all of your assets, debts, etc. will be under the control of the court system and the default laws in place. For example, if you are unmarried and without children, your whole estate would likely go to your parents and/or siblings. So, if you want to leave a particular item to a dear friend, funds for nieces and nephews, or even an inheritance to your significant other, you need a will to do so.
There are a whole lot of reasons that creating a will with an experienced Milford estate planning lawyer is the way to go. First of all, you have a say in how things are distributed. Secondly, it keeps from adding further burden to your parents’ and others’ grief. An additional consideration is that you can make your own funeral arrangements (and determine how to pay for them), again relieving some burden on your loved ones.
Beneficiary Deed
Estate planning lawyers in Milford may also recommend that you consider creating a beneficiary deed. This document is used to designate the person who receives your real property (such as a house) should you pass away. The beneficiary deed can simplify the process of transferring your property to the designee from a legal standpoint.
Not every young professional needs a beneficiary deed. Obviously, if you don’t have real property, an estate planning lawyer might steer you away from this option. On the other hand, if you are unmarried and don’t have children—as is common for young professionals—then a beneficiary deed can be especially helpful in distributing the property to your parents or other person of your choosing. This can be a good way to prepare for situations in which you expect much of your estate to go to your parents or siblings and are concerned that they will keep your real property rather than distributing to the person you intended (such as an unmarried significant other).
Without a doubt, there are plenty of other ways that a young professional can benefit from sitting down with an estate planning lawyer in Milford. The earlier you begin to plan, the more likely you are to reach the goals you set for yourself!
