“I’m too young for an Estate Plan.”

It is never too early to start your estate plan. Consider this scenario: “Bob” and “Brittany,” a married couple and both 27 years old, were involved in an accident that left Bob in a permanent coma.  Bob has several savings and mutual funds in his name only.  Because Bob and Brittany thought estate planning was for “old people,” and Bob is now incapacitated, Brittany likely will have to go through a costly and time-consuming court process to access his accounts. 

Bob and Brittany should have created Power of Attorney documents naming each other as the “agent” for the person who is unable to manage their own financial matters, as well as their health care decisions.

If both Bob and Brittany died in that accident and left behind children under 18 years old, a Court will appoint the guardian of their children, which may not be the choice Bob and Brittany would have made.  A Will would allow Bob and Brittany to name the individual(s) they would like to care for their minor children if they cannot.