Many people believe that estate planning is only necessary for the elderly or those with life-threatening illnesses. However, that’s not entirely true. Young adults should consider establishing an estate plan too. It’s never too early in one’s adult life to start creating one.
Preparing for the future is always a good idea, regardless of your marital, parental and employment status. Making an estate plan now is the first step to securing your legal protections in case something unexpected happens.
Advantages of creating an estate plan when you’re young
The following are just a few of the advantages of planning ahead:
- The most important decisions regarding your assets and your health are yours to make. Instead of having a court decide for you, you can specify in your will how your loved ones and causes you care about will benefit from your assets in the event of your death.
- You can feel more at ease knowing that your healthcare directives are in place in case you become unexpectedly incapacitated. This relieves your loved ones of the strain of having to make tough choices.
- Nominating a guardian or guardians you know and trust will let you rest easy, knowing your kids (if applicable) will be well taken care of in the event of your passing.
- For your family, you might compile an inventory of your digital possessions. They will be able to access all of your bank accounts, online investments and social media profiles in the event of an emergency. If not, it’s possible they wouldn’t be able to locate this information on their own.
When you’re ready to create your estate plan, seek assistance. Making estate plans while you’re young doesn’t mean you have to stick with them forever. You may modify your plans to account for changes in your life as they happen.
