Estate planning may seem like something that only older adults or those with significant assets should worry about; however, it is important for all adults, especially young professionals, to complete as well.
5 Reasons Why Estate Planning is a Must for Young Adults
1. Protecting Your Loved Ones
Estate planning allows you to protect the people you care about in the event of your untimely death or incapacity. If you have minor children, you can name guardians to take care of your children if something were to happen to you.
2. Managing Your Assets
Even if you don’t have a lot of assets yet, you may still have some things that are important to you, like a car, checking account, or even your home. Estate planning can help ensure that your assets are distributed according to your wishes, rather than being tied up in probate court or distributed according to state law.
3. Planning for Incapacity
Estate planning also allows you to plan for the possibility that you may become temporarily or permanently incapacitated due to an illness or injury. You can designate someone to make medical and financial decisions on your behalf, ensuring that your assets, medical decisions, and even final wishes are respected, especially if you are unable to express your wishes to your loved ones.
4. Saving Time and Money
Without an estate plan, your loved ones may have to go through a lengthy and costly probate process to settle your affairs after your death. Estate planning can help streamline this process and save your loved ones time and money.
5. Planning for the Future
Estate planning is not just about what happens to your assets after you die. A proper plan allows you to plan for your own future, including protection for a spouse and children, day-to-day financial decisions, medical appointments and procedures, how you want to be cared for in the event of a serious illness or injury, and, ultimately, your final wishes and distribution plan upon your death.
Get Help From an Estate Planning Professional
Overall, estate planning is an important step for young adults to take to protect their loved ones and ensure that their wishes are carried out. It can also provide peace of mind and a sense of control over your own future. If you have questions about getting started on your estate needs, please contact Attorney Rebecca Schultz or send us a message to get help from an experienced estate planning attorney.
