Estate Planning in Your 40s and Younger
When you begin early estate planning near Tracy or Livermore , you have the opportunity to thoroughly protect your assets and ensure your dependents’ financial security. Visiting an estate planning attorney to draft a last will and testament, health care directive, trust, or powers of attorney is a very prudent financial decision, and something that can be done at any age. Here is a look at some valuable estate planning tips for people in their 40s or younger.
Start as Early as Possible
Many young people believe they don’t need to worry about estate planning because they don’t have a high net worth, or have few assets. In truth, it’s almost never too soon to start thinking about basic estate planning. Even if you only have debts and no assets, estate-planning documents will help your loved ones handle your finances after you’re gone. Additionally, you never know when you might become seriously injured or ill. A living will and power of attorney allow you to designate someone you trust to make important medical decisions for you if you’re unable to make them yourself.
Focus on the Basics
When you’re under the age of 40, you only need to focus on the basics of estate planning. Your estate planning attorney should advise you that you can most likely do without certain more complicated estate planning documents, like trusts and probate documents. The most important components of your estate planning when under 40 are a health care directive, life insurance, a last will and testament, and a durable power of attorney. These documents will ensure that both you and your family are protected should something happen.
Use Experienced Estate Planning Attorneys
While many companies sell estate planning kits online or in bookstores, you shouldn’t try to complete such complicated documents on your own. Your family might find out at the worst possible time that they don’t hold up in court, or that information is missing or unclear. You should instead visit an experienced estate-planning attorney who is familiar with estate planning for those under 40.
Tips for Documenting a Slip and Fall Injury
Slipping and falling is usually not a major problem for most people. In fact, many falls happen within the home and do not involve serious injuries. However, when a person falls on someone else’s property and sustains injuries, he or she may decide to consult personal injury lawyers located in Tracy or Livermore. A personal injury lawyer will review the available evidence to determine if someone else might be held liable for the injuries. One effective way to help your personal injury lawyer prove your allegations is to take photographs of the accident scene immediately after you fall.
Photographic evidence is difficult to dispute in court, especially when it depicts problems such as loose floorboards, broken handrails, or other tripping and slipping hazards. In addition to providing your injury lawyer with photographic evidence, you may have other evidence to support your case. This might include copies of your rental agreement if you fell on your landlord’s property. Personal injury lawyers are also likely to request copies of medical bills for your injury treatments.
How Often Do Wills Need to Be Updated?
Even if you have already established a will , you may need to make some changes to it from time to time. As this video explains, it’s a smart idea to review your will every few years to make sure that everything is up to date and to make any desired alterations. You may also need to update your will after major changes in your life, such as remarriage, the birth of a child, or the death of a beneficiary. However, altering a will needs to be done in a legal way in order to be considered valid. To ensure that you are carrying out your will updates correctly, contact a will attorney serving Tracy.
Understanding Power of Attorney
Even if you are young, healthy, and have few assets, you should consider visiting an estate-planning attorney to discuss drafting a will and a Power of Attorney in Tracy or Manteca . A will and durable power of attorney allow you to detail specific directions regarding your medical care, finances, assets, and liabilities if you are alive but no longer able to communicate this information yourself.
Watch this video to learn more about what a power of attorney is, and when you need one. A durable power of attorney designates a specific person whom you trust as the person who can make decisions about your finances, assets, and other estate-planning needs.
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