A young couple in Utah, we’ll call them Sarah and Tom, decided to create an estate plan in their 20s, even though they did not have significant assets or children at the time. They wanted to make sure that they had a plan in place in case something unexpected happened to either of them.
Sarah and Tom consulted with an estate planning attorney who helped them create a comprehensive plan that included a will, a revocable living trust, powers of attorney, and healthcare directives. The plan was designed to be flexible and could be modified as their circumstances changed.
Over the years, Sarah and Tom started a family and accumulated assets. They were able to modify their estate plan to reflect these changes. They updated their trust to include provisions for their children and designated a guardian for them in case something happened to both parents.
The couple also made sure to coordinate their beneficiary designations on their retirement accounts and life insurance policies with their estate plan to ensure that their assets would pass to their designated beneficiaries according to their wishes.
When Sarah’s mother became ill, Sarah and Tom were able to use the powers of attorney her mother had in place as part of her own estate plan to make decisions on her behalf and ensure that she received the care she needed. Seeing the estate plan components in action helped them to better understand what they were asking of those they granted power of attorney, they spoke with those people frankly and made some changes to their plan. They also updated their own healthcare directives to reflect their wishes in case they were unable to make medical decisions for themselves.
Years later, Sarah and Tom were in a car accident and tragically, both passed away. Thanks to their estate plan, their assets were distributed according to their wishes, and their children were provided for. The designated guardian was able to step in and provide for the children’s care.
The family was grateful that Sarah and Tom had taken the time to create an estate plan when they were young, as it made the necessary legal process much easier for their loved ones during a difficult time.
Creating an estate plan in your 20s, even if you do not have significant assets or children, can provide peace of mind and ensure that your wishes are carried out in case something unexpected happens. It is important to work with an experienced estate planning attorney to create a plan that is tailored to your unique situation and can be modified as your circumstances change. Contact Fillmore Spencer today to schedule a consultation with an expert Estate Planning Attorney who can advise you as you plan for your future and prepare for anything that may come your way.