Why Estate Planning Matters for Younger Adults
When you are still in the prime of your life, estate planning may not seem important at all. You have no reason to anticipate needing one anytime soon, and you may not have children or a spouse to worry about protecting. As a younger adult, you have also had less time to accumulate property, so you might not feel that deciding how to distribute it is very important. This could be a big mistake. Life is nothing if not unpredictable. Your personal circumstances, from your health to your wealth to who you would want your beneficiaries to be can change very quickly. Aside from that, there is much, much more to estate planning than simply making a will or trust. Wherever you are in life, having a legally sound estate plan in place can offer an additional layer of security to both you and your loved ones. A qualified lawyer can help you take the next steps.
Why Should I Have an Estate Plan at All?
First, you should know that your estate plan will encompass important medical planning documents like a living will and health care powers of attorney. These documents are your voice should something happen so that you cannot speak for yourself. For most young people, your parents would be the de facto decision-makers in this type of situation. If you do not see eye-to-eye with them regarding how you would want to be treated – or not treated – these documents are not optional.
Further, you might be surprised at how much property you actually have when you stop to add it all up. Think about what you owned two years ago even as opposed to now. Even without a family of your own, there is likely someone, whether that is a friend, family member, or charity that you would want your belongings to benefit. Estate planning is your opportunity to leave a legacy on the off chance that you never attain an advanced age.