A common misconception is that estate planning, including drafting a will, is for the older population. However, a recent interview by KSL’s Tamara Vaifanua with Glen Wagstaff, an attorney specializing in estate planning, sheds light on why individuals in their 20s should also consider preparing these documents. Wagstaff, part of Inter Vivos in Orem, stresses the importance of having a plan in place, regardless of age or wealth.
Understanding the Need for a Will
Even for young adults, having a will is crucial for several reasons. First, it determines who will care for minor children by designating a guardian, avoiding state intervention. This ensures that your wishes for your children’s future are respected and followed. Consulting with an estate attorney can provide guidance on how to effectively establish these protections within your will.
Navigating Probate and Asset Control
Without a will, one’s estate enters probate, a state-controlled process that can be lengthy and stressful for surviving family members. Wagstaff highlights the drawbacks of probate, advocating for a will to clearly outline the distribution of assets. In Salt Lake City, consulting with a Salt Lake City estate attorney ensures that your estate is managed according to your wishes and can alleviate potential family disputes.
The Role of Estate Attorneys in Planning
Estate planning is more than just preparing for the end of life; it’s about managing your assets and healthcare decisions effectively. Young adults are encouraged to work with estate lawyers to draft financial and medical powers of attorney, ensuring decisions can be made according to their preferences if they become unable to do so themselves.
Seeking Expert Legal Advice
Wagstaff suggests that those interested in drafting a will or establishing an estate plan should seek advice from financial advisors to prevent costly mistakes. An estate attorney in Salt Lake City can work in tandem with financial advisors to create a comprehensive plan that addresses all aspects of an individual’s estate.
Conclusion
Young or old, having an estate plan is an essential step in ensuring that your wishes are honored. A disturbing event can happen at any age, making the need for estate planning all the more critical. Utah residents can benefit from the expertise of estate attorneys who can navigate the complexities of estate law. Ultimately, estate planning is a responsible action for anyone, regardless of age, and attorneys are available to guide individuals through every step of the process.
