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Attorney Lani Frost- The legal side of Legally Lani
Estate Planning Attorney
Why Estate Planning is Important in your 20's
No one knows what will happen tomorrow and for that reason, estate planning is important to everyone, including young adults.
Estate planning is vital because it helps to protect your assets and ensure that your wishes are carried out in the event of your incapacity or death. Below are events and ways estate planning protects you and the people you care about.
- Incapacity planning- documents such as a durable power of attorney, healthcare power of attorney, and advance directive, which appoint someone to make decisions for you if you become incapacitated due to an accident or illness. This is especially important for young adults who may be at higher risk for accidents.
- Asset protection: Even young adults may have assets that they want to protect, such as a car or a savings account. Estate planning can help ensure that your assets are protected and distributed according to your wishes in the event of your death.
- Beneficiary designation: Many young adults have retirement accounts, life insurance policies, and other assets that require beneficiary designations. Estate planning can help ensure that these designations are up-to-date and align with your wishes.
Healthcare decisions: Estate planning also involves creating a living will or advance directive, which outlines your medical wishes in the event that you cannot communicate them yourself. This is important for young adults who may be traveling or living away from family.
Digital assets: Many young adults have significant digital assets, such as social media accounts, email accounts, and online banking information. Estate planning can help ensure that your digital assets are protected and passed on according to your wishes.
Experience
Juris Doctor, (J.D.) Charleston School of Law
Master of Laws in Taxation (LLM), University of Florida, Levin College of Law
Licensed in GA/SC
I can help with all your estate planning needs in Georgia or South Carolina.
Testimonial
Estate Planning Services
Living Wills
A living will is a legal document that outlines an individual's medical treatment preferences in the event that they are unable to communicate them themselves.
Probate Avoidance
The process of transferring assets to beneficiaries outside of the probate court system, in order to simplify and speed up the distribution of an estate after someone passes away.
Setting Up Trusts
This involves creating a legal arrangement in which a trustee manages and distributes assets to beneficiaries according to the terms outlined in the trust document.
Protecting Assets
Asset protection refers to the use of legal strategies and tools to safeguard assets from creditors, lawsuits, and other potential risks.
Supporting Your Favorite Charity
Estate planning can help individuals donate to a charity by allowing them to include charitable giving in their will, establish a charitable trust, or designate the charity as a beneficiary of a retirement account or life insurance policy.
Protecting Your Family's Harmony
Estate planning can protect a family's harmony by providing clarity on how assets will be distributed, minimizing the potential for disputes and misunderstandings among family members.