Des Moines, IA asked in Estate Planning for Iowa

Q: Should I, as a young professional, get a will?

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1 Lawyer Answer
Jefferson Fink
Jefferson Fink
  • Estate Planning Lawyer
  • Des Moines, IA
  • Licensed in Iowa

A: Yes you do, and estate planning is easy!

There are several important reasons why a young professional should consider getting a will done and engage in simple estate planning:

1. Protecting Assets: Even if you don't have substantial assets now, you may acquire them. A will allows you to specify how your assets should be distributed upon your death, ensuring that your wishes are carried out and potentially avoiding disputes among family members.

2. Guardianship for Dependents: If you have children or dependents, a will allows you to designate guardians for them in the event of your death. This ensures that they will be cared for by someone you trust and according to your preferences.

3. Decision-Making Authority: Through estate planning, you can appoint someone to make financial and medical decisions on your behalf if you become incapacitated. Without these documents, such decisions may be left to the courts, which can be time-consuming and costly.

4. Tax Planning: Proper estate planning can help minimize the tax burden on your estate, potentially saving your beneficiaries money in taxes and inheritance.

5. Minimize Probate Issues: By planning your estate carefully, you may be able to avoid or minimize the lengthy and expensive probate process. This can also help maintain privacy, as probate proceedings are typically a matter of public record.

6. Peace of Mind: Having a will and estate plan in place can provide peace of mind, knowing that your affairs are in order and your loved ones will be taken care of according to your wishes.

Even for young professionals who may not yet have accumulated significant wealth, having a will and engaging in simple estate planning can provide valuable protection and ensure their wishes are fulfilled in the event of incapacity or death. It's always a good idea to consult an attorney to help you navigate the process and ensure your plan reflects your circumstances and goals.

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