Many young people believe that they simply do not need to make an estate plan, or that estate planning is for older people. The truth of the matter is that estate planning can be helpful for anyone who wishes to dictate how their assets are distributed after their death, or simply create a plan for you can make end-of-life decisions if the unthinkable happens. While many young do not often think that they may die before reaching old age, nearly everyone knows one or two individuals who passed away before their time.
Creating an estate plan while you are still relatively young is a good way to keep you affairs simple and make sure that someone can act on your behalf if you die or are incapacitated. Let’s assume you take a trip during spring break down to the beach and something goes horribly wrong. Maybe you’re stuck by a car, or the party gets out of control and you end up in a vegetative state in a hospital. Without creating a will that dictates your end-of-life wishes and someone who can make those choices on you behalf, your loved one’s may not know what you wan them to do if you are incommunicative.
Furthermore, even if you have very little, you probably have more of an estate than you realize. Do you own a car? This is part of your estate. Do you own a record collection? This is also part of your estate. While you may not have built an established life yet, you still have some belongings that you may wish to pass to specific individuals if you die unexpectedly. By creating an estate plan, you ensure that your legacy is honored if the ride comes to an abrupt stop.
No matter what chapter of life you are living at the moment, you almost certainly can use an estate plan. With the guidance of an experienced attorney, you can ensure that your legacy is honored no matter what happens over Spring Break.
Source: Yahoo news, “Why You Should Start Estate Planning in Your 20s,” Maryalene LaPonsie, March 16, 2017