Estate planning is not something young people often think about. In fact, most young people probably don't even realize they have an estate. However, many do, and estate planning can be just as important for those with few assets as it is for those with many.

Asset are not just homes and other objects. Your assets encompass anything you own, including a car or a bank account. If someone dies, all of their assets will need to be taken care of. If there is no will, trust or other estate planning tool available for family members to turn to, the process can become very complicated.

If no directional documentation about a person's assets exists, family members will likely have to go to through court proceedings, which can be expensive and time consuming. A person's parents cannot simply step in to take care of things. The circumstances are similar for married couples. A spouse must have power of attorney in order to make decisions. Without that, he or she will also have to go to court.

Young people should know that avoiding these hassles through estate planning is very easy to do and is often inexpensive. Creating a will is a good start. It allows you to detail your wishes regarding assets. Another option is to name someone who will have power of attorney over you. This will be particularly important if for some reason you become unable to make your own decisions.

Estate planning is an important and necessary part of life that can not only give you peace of mind, but make things easier on your loved ones once you've passed on. If you are considering creating an estate plan, you may find it helpful to speak with an experienced legal professional.

Source: Green Bay Press Gazette, "Carissa Giebel column: Everyone needs estate planning," Dec. 27, 2011