Estate planning is very important at all stages in life. Young adults tend to believe that because they’re just entering the workforce, they “don’t have enough.” Estate planning is so much more than passing down money or property, there are many things involved where you can have full control. Here are three reasons why young adults should create an estate plan:
- Avoid Intestacy – Have a Say!
Intestacy means that a person has died without a will, and as a consequence, their assets are distributed according to the laws of the state where they resided at death. This process can take a long time depending on where the person resides. Additionally, if there is no will, the state can decide who receives the assets, personal property, and even pets or children. However, if you take matters into your own hands and create an estate plan, you will have a say about how you would like everything you own distributed and how you chose to protect your loved ones.
- Protect Your Minor Children and/or Pets
Many young adults have children and/or pets. Through estate planning, you are able to plan thoroughly to protect your minor children. This means that you can decide who the guardian of your children will be in the event that you pass away prematurely as opposed to a Judge appointing a guardian that you may not be inclined to agree with. You may also want to set aside funds for your children and their future, this can be done in several ways to protect their interests throughout their life.
Similarly, you may a furry friend that you adore. Through estate planning, you can decide who will take care of your pets in your absence and can even allocate funds for the care and keeping of your pet(s).
- Incapacity and the Unpredictability of Life
We don’t like to think about things like incapacity because we never imagine it happening to us. The only thing we know as certain is that life is so very unpredictable. In the event of incapacity, you have various things that you can decide through estate planning. These things include: (a) who will manage your finances during your incapacity; (b) who will make all healthcare decisions for you; (c) who will have access to your medical records; (d) what is it that you want? Do you want life pro-longing measures such as life support and comfort medicine? These are things that you can very well decide for yourself, however without an estate plan, others will be making these decisions for you.
We have outlined three very important reasons why young adults should create an estate plan, however, such as debts, money in bank accounts, investments, and so much more should also be considered. Having a well-laid-out plan allows young adults to maximize their voices and do as they desire. The Hill Law Group is here to help.