What is estate planning for minimalists? Minimalism is a lifestyle that means living and thriving on the bare essentials.
You can use minimalism principles throughout your life, from your home to future plans. An important way to prepare for your future with minimalism is to plan your estate.
How should minimalists approach estate planning? Let’s dive right in.
Estate Planning for Minimalists
It is always helpful to start with a definition. What is estate planning exactly? It is a legal process that outlines what happens to your assets if something were to happen to you.
Here is how we recommend approaching estate planning if you are a minimalist:
This is the Absolute Estate Planning Minimum
At a minimum, your estate plan should cover a last will and testament, power of attorney, and health care directive (also called a living will). A last will and testament is a legal form that goes over your wishes in detail in the event of your untimely passing. It will include any heirs, making it clear where your assets should be allocated and where your minor children (and sometimes pets) will go (if you have any).
A power of attorney is a fundamental piece that gives another person decision-making authority over you and your affairs. Generally, a power of attorney steps in if you are not in a sound mind to make important decisions on your own or care for yourself.
Healthcare directives explain how you would like health and medical decisions handled if you cannot make the call for yourself for any reason. This information generally is not included in final wills and testaments, so it is important to create a separate document.
Why You Should Hire an Estate Planning Attorney
There are several reasons to retain an estate attorney. For one, lawyers can guide you from the first step of the estate planning process to the last.
With the amount of documents, signatures, and assets at hand, a plan is of the utmost importance. An estate planning attorney will ensure you cross your Ts and dot each I so that you do not miss a thing or risk your assets going to the wrong place or person.
Your estate is sensitive, personal, and important (ensuring that your loved ones are cared for if you are ever not in the picture). Missing an integral piece of estate planning, such as a final will and testament, can draw out the court process—putting your family in a limbo stage where they wait to hear what will happen to your assets and children.
You might be young now and maybe even newly married, not prepared to start thinking about estates. However, estate planning applies to all ages. Working with an attorney gives you peace of mind knowing your wishes will be carried out in full, and your family will be taken care of if the worst were to happen.
Further, you might be at the beginning of your career now—paving your way in the world. As you generate wealth, it is vital to plan where it will go to make sure your loved ones’ basic needs are met if you ever pass or are not capable of making decisions. A lawyer can enforce all documents within your estate to help you feel at ease with your family’s situation at all times.
Conclusion
You may feel like an estate is not important yet because you are young and in good health, but preparedness is the smart way to go. Estate planning is important for all ages, including young people and newlyweds, so that, at the very least, your wishes are detailed—from your health to your assets. Contact us today to schedule a consultation.
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