Beginning at age 18, we focus on the basics of estate planning. Advance Health Care Directives ensure your wishes are respected after an accident or other medical crisis. A Financial Power of Attorney empowers a person you trust to manage your finances if you cannot for a period of time. This minimizes the financial setback of such events and avoids the costly necessity for a court to appoint a family member or friend as conservator. Perhaps most importantly, this proactive approach allows you to decide, rather than a court, when you are ready to resume managing your own affairs.
Mid 20s to 30s
From the mid-20s to 30s, as clients begin to accumulate assets, executing a Will or Revocable Living Trust becomes more critical. However unlikely your death may be at this age, your choice of beneficiaries to receive your assets in that event could well diverge from the heirs at law the State of Tennessee designates for you. If you live with a friend, partner, or spouse, you may want to consider life insurance to protect their living situation and allow them time to process their grief without adding financial and housing losses to their challenges.