A financial plan for the future brings peace of mind
For many young professionals, the concept of âfinancial literacyâ can be relatively new and cause some anxiety. Early in his career, a surplus of items competed for our daily attention – being successful at work, building a business book, buying a house, paying off debts, and potentially even getting married and having children. With limited time to focus on so many important goals, who really has time to learn financial skills?
As an estate planning lawyer for six years, I can confidently say that being intentional about your financial health is one of the most important things a young professional can focus their time on. Estate planning isn’t just for the elderly, and it’s not just for the rich and famous.
Far too often I have seen a young person in their prime die unexpectedly or be involved in a sudden and debilitating accident without having planned such an event well in advance. In such cases, relatives are left in complete confusion as to the wishes of the person regarding the final distribution of their hard-earned assets, who should be responsible for managing their financial and health care affairs and, in some cases, who. must take care of their minor children.
In an age already marked by emotional trauma, confusion and family feuds abound, compounded by rising court costs and attorney fees. And the worst part of the whole situation is that it’s easily avoidable.
A simple estate plan can do wonders for your mental health and ease the burden on your loved ones in the event of disability or death. For many young professionals, having a simple will, an enduring power of attorney, and a healthcare directive is all you need to ensure that your last wishes are carried out as efficiently as possible.
Not only will this lighten the burden on your loved ones should something happen to you, but it will give you the peace of mind that you, your family and your belongings will be properly taken care of when you cannot. None of us are invincible, and sometimes unexpected things happen. It is up to all of us, regardless of our age or financial situation, to plan for the future while we are healthy and clear-headed. Think of it as a gift for your loved ones and for yourself.
You can never start planning for your financial well-being too early. And the good news is that a simple estate plan doesn’t have to cost a lot. Take the first step and contact a trusted estate planning lawyer to share your questions and concerns. The time you invest early in your career will pay dividends in the future and allow you to limit the unnecessary financial and emotional costs that come with failure to properly plan. You owe it to yourself and your family to become financially literate. Why wait to start?
Andrew Peebles is a partner and a member of the Estate Planning Practice Group of Carnahan, Evans, Cantwell & Brown, PC