An Estate Strategy For The Younger Generation
Estate Strategies Are For Everyone
Estate planning is the process by which an individual or family arranges the transfer of assets. An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries. The difference between a will, and an estate plan is that an estate plan is a broader strategy for your assets that may apply during your life as well as after your death. A will, on the other hand, dictates where your assets will go after you die. What is the impact you wish to leave behind? What is your legacy? It’s easy to fall into the misconception that an estate plan, and strategy, is reserved for the gracefully aging, the married, or the ultra-wealthy. However, an estate plan is about much more than what will happen to your assets and personal property when you’re gone! Set a strategy in motion with Amida Wealth!
5 Reasons Why You Need An Estate Strategy
When you become a legal adult, someone 18 and above, your parents no longer automatically have the right to make medical or financial decisions on your behalf. An estate plan benefits and protects you while you’re still alive by providing important clarity to some of life’s most personal decisions. All adults, regardless of age, marital status, or net worth, should have an estate plan and strategy in place. You’re young, have little in savings, and might not have anyone relying on you, financially. So, why do you need to think about estate management? Here are four great reasons:
- You need a will. You may ask yourself why a will is important if you don’t have much to pass on. A will is not just about transferring assets. It can be used to accomplish other tasks, such as naming who should manage your social media accounts once you’re gone or inherit items you’ve accumulated, like collectibles or your car. Additionally, you may not have children but you may have a pet!
- Your social impact. You might not have many resources yet but might have specific causes or charities you wish to support. An estate plan allows you to accomplish your philanthropic goals regardless of your age or the size of your estate. In other words, people at every age should put together an estate plan that fits their needs, and update as their needs change.
- Consider a medical directive. This important document states your wishes for end-of-life care. In the case of an unfortunate accident, a medical directive provides instructions about the level of care you want.
- Create a durable power of attorney for health care. In the event that you are unable to make medical decisions for yourself, this gives the individual of your choice the legal power to act as a health care proxy for you. A medical directive and health care durable power of attorney can ensure that you are provided the level of care consistent with your wishes. They can also prevent family discord in the event of differing opinions.
Your Strategy Is Your Legacy
All legal adults, no matter how young or old, need a basic estate plan. In other words, think ahead and plan with integrity and purpose. Create a plan that fuels creativity and inspiration. One that encourages love and the energy of expansion. Wealth is a mindset. Connect with an Amida Wealth advisor and enjoy the process of beginning to discover all of your abundance. When you start at a young age, you create space for yourself to expand in ease and comfort. With no surprises, you begin to take on more abundance in your life. Show the world, you are capable and ready to experience more wealth!
Amida Wealth Family Conversations
At your next family or friends gathering encourage the topic of estate planning. At what age did your family begin thinking about their estate plan? Do they have a plan in place? Oftentimes, people may hear of tragic stories when estate planning is not taken into action. As a result, the family struggles with heart-ache and financial struggles. Encourage this topic of discussion – who will take care of pets, social media, cars, and more? Is your family aware of the repercussions that could occur if an estate plan is not set in motion? Be knowledgeable, and encourage your family and friends to think about matters that 40% of adults don’t ever discuss! Spread your energy of abundance. Remember, wealth is a mindset!
In conclusion, having an estate plan is the best way to provide security for yourself, your family, causes important to you, and your pets! Ensure that your assets are managed by someone you trust. Additionally, in a way you would have intended. An estate plan is about clarity and intention. A seamless process of energy exchange. Clarify your values and be sure to work with an estate attorney, or one recommended by Amida Wealth, that understands those values.