Being Immortal In Our 20’S | Weingarten Associates Estate Planning Blog

Being Immortal in our 20’s

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Estate Planning
Financial Planning

The Sunday Hangover.

I’m sure for those of us in our 20’s or for those who look back to our 20’s, a system was in place to deal with the Sunday headache so that two hours later, we can bounce back. It can certainly feel like a hangover won’t disturb where we are going. We’re strong. We can pull all-nighters and be perfectly fine. We can eat copious amounts of fast food at 3am and not gain any weight. We are immortal.

A hangover is the best and worst time to have a conversation about what where our financial life is at and where it’s headed, especially when it comes to our mortality. What if something happened last night? It’s a question that is easily shrugged off, but really consider the aftermath for a moment. Do you have an immediate answer for these questions:

  • Who has access to all of your usernames & passwords? (Not just social media but bank & investment account info)
  • If you end up in the hospital, unconscious, who will speak for you?
  • If you’re saving for retirement, is there a beneficiary(s) in place?
  • If you were to pass away suddenly, who gets what?

Having a basic estate plan now, can avoid the conversations and the stress for those around you if tragedy were to strike. You can’t just get a sticky note, write “To Mom & Dad”, and stick it behind your TV if you were to pass away. Estate Planning is more than just dividing up assets. That being said, having a Will, Power of Attorney, Healthcare Directive, & Beneficiaries Listed are an absolute must to get your situation on track.

Consulting with a financial planner or an estate attorney, or both can put you on track for what documents you need. There are estate document templates where you can download, fill out, have it notarized, and you would be done, but not everyone’s planning needs are that simple. As we get older, life gets more complex and new factors can come into play and influence one’s estate plan, such as a spouse or a child, which requires updates and extra documentation.

Parents of children who are going off to college should definitely consider having Healthcare Directives in place before they leave the nest. If something were to happen while they are away, not having this document in place can add to the stress of the situation as help can be delayed until parents arrive.