In the previous part of this series, we looked at three of the documents that a Newport Beach estate lawyer would most recommend for a new, young professional:
- Beneficiary Designations
- Financial Power of Attorney
- Medical Power of Attorney
There is one other must-have document for the young professional, however.
- Last Will and Testament
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 Newport Beach estate 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.
Without a doubt, there are plenty of other ways that a young professional can benefit from sitting down with an estate lawyer in Newport Beach. The earlier you begin to plan, the more likely you are to reach the goals you set for yourself!