Estate planning is something many associate with older people. However, it turns out that estate planning may be just as important for younger adults. Even if you are just starting out on your own, it may still be wise to have a proper estate plan in place.
Here are a few reasons why estate planning is necessary for young people.
Protect Minor Children
Younger adults are more likely to have minor children than their older counterparts. As such, it is important that they are taken care of should you die suddenly. If you establish an estate plan, you can appoint the person you want to serve as guardian of your children if something unexpected happens. If you do not name a guardian in your estate plan, a judge will have to make the decision on your behalf.
Deal with Incapacitation
Serious medical conditions do not just affect the elderly. Young people can also experience medical traumas that render them incapacitated. That is another reason why younger people need to establish proper estate plans. Even if you are healthy right now, you never know if you will get into a severe accident or get diagnosed with an illness in the future. With an estate plan, you can name a person to make heath and financial decisions on your behalf when you are no longer able to do so.
Many young people have more assets than they realize. Even if you do not own real estate yet, you may still own a vehicle, jewelry and other belongings. If something unexpected should happen to them, you want your assets to go to the right people.
Alleviate Some Debts
Young people can also accumulate debts, such as credit cards and student loans. If they should die suddenly, their family members may be responsible for paying these debts. You do not want your family members to deal with that kind of burden. If you have a proper estate plan in place, you may be able to alleviate some of these burdens.
As you can see, estate planning can be very beneficial for younger adults. If you are interested in creating an estate plan, you may want to schedule a consultation with an estate lawyer, like one from W.B. Moore Law, as soon as possible to find out more information.