Estate Planning for Young Professionals: What You Need to Know

Estate planning is an essential part of any adult’s financial future. A common misconception, however, is that estate planning is only for older individuals. In reality, it is a process that all adults, no matter their age, should consider. At McCulloch & Miller, we speak to many young professionals that want to develop a plan for their assets and their debts; our biggest piece of advice for these clients is that they get started on their own estate planning journeys as soon as they possibly can.

Reasons to Begin Estate Planning

Young professionals might think that since they have not yet built up the assets they hope to acquire as older adults, they do not have any reason to develop an estate plan. However, generating an income, starting a family, purchasing a home, and acquiring debt are all reasons to speak with an attorney to start putting together an estate plan.

One major reason to start an estate plan is because, unfortunately, as human beings, we can never know for sure what will happen in the future. If, for any reason, you become incapacitated, you will benefit from having designated a power of attorney that can make financial and medical decisions on your behalf. You will also benefit from making sure that someone, whether a spouse, parent or trusted friend, has the information necessary to access your online accounts.

You should also make plans that take your property and debt into account. If you own a vehicle, any important personal items, or a home, you should have a plan for what will happen to those assets if you pass. If you have taken out loans, including student loans, you will also have to plan for who will take on those debts in the event of your passing.

Acquiring assets is a worthy goal for young professionals. As you go achieving about this goal, however, it is important to think long-term. In this life, anything can happen, and if you fail to plan for the worst, the assets you work hard to acquire can all go to shambles. In order to protect yourself and your loved ones, contact an estate planning attorney in Texas so that you can familiarize yourself with the options that are appropriate for you. We can promise you: you will not regret it.

Do You Have a Texas Estate Planning Attorney for Your Financial Needs?

If you have not yet retained an estate planning attorney to help you sort through your assets, give our firm a call at McCulloch & Miller. We work with clients at all phases of life, and our specialty is making sure that Texans seeking estate planning services have the best long-term plan for their finances. For a consultation with a member of our team, call us today at 713-936-9073. You can also fill out our online form to have an attorney reach back out to you as soon as possible.

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