Estate Planning: 6 Reasons Why It’s Not Just For Your Parents.

“Estate Planning” just sounds like something you think about when you’re older, doesn’t it? Well, here are six reasons that you might want to consider it while you’re still young.

If you don’t have family close by, and there are a lot of transplants in Seattle these days, then the first two considerations are for you:

You need to plan for a medical emergency. Maybe you’re planning to summit Mt Rainier or just living the city life, but either way… accidents happen! Your parents/siblings/caregivers/best friend don’t automatically get access to your medical records.  Estate Planning documents can identify who you would want to make medical decisions for you and who can call and get updates about your condition.

Bills, bills, bills. If you do get into an accident, or have an unplanned medical condition, that requires you to stay in the hospital for an extended period of time, wouldn’t it be nice if someone you really, really trust keeps your finances in order? Things like, paying your rent and mortgage, and taking care of bills so that you can just focus on recovering instead of stressing about bills while in the hospital.  Yup, Estate Planning documents designate who can access your finances and under what conditions.

You have stock options, real estate, or other assets. Look. Seattle’s doing pretty well. A lot of people in the city have assets – whether they are equity/stock assets, or real estate, or some other type of asset.  (And if you’re not sure, feel free to ask!) If something bad happens to you, then you might want to make sure it’s easy for those assets to benefit the people or organizations you care about. Plus, there’s this thing called “probate” where a judge decides who is in charge of your estate, and it can take awhile.  Why not make those decisions for yourself?

Get your “house in order.” You may or may not have a special someone in your life that you’re wanting to commit to, but maybe you see that for yourself in the future. Well, a meeting with an estate planning attorney can help you to get organized before you make big life decisions.  It lets you know what you have and could contribute to another person.

Do you want your parents or siblings snooping through your DM’s? Well, there are things you can do to make sure that someone you trust takes care of your Facebook/Snapchat/Instagram if something happens to you.

What’s going to happen to Fido/GrumpyCat? So, you’re in the hospital, or worse.  What is going to happen to your beloved furry (or scaly) friend?  An estate plan could help you make sure that your loyal companion is taken care of when something happens to you.  Like we said about your ‘house’, at the very least, going through the process of estate planning at least helps you get organized.

Digital Assets/Legacy. Do you want your parents or siblings snooping through your DM’s? Well, there are things you can do to make sure that someone you trust takes care of your Facebook/Snapchat/Instagram if something happens to you.  Plus, there are even features in Facebook that allow you to designate someone automatically!  (Check out this video for a short tutorial).

Alright.  There you have it.  6 reasons to think about Estate Planning even though you’re young.  ‘Nuff said.

Shrey Ley

Shrey Ley

Shreya Ley is an adventurer, business owner, and intellectual property attorney.Above all, she is a human that also uses the law to advise her clients on how to navigate the business world once they have broken free of the golden handcuffs of Corporate America.
Shrey Ley