Estate planning is primarily associated with older individuals, people with adult children and high-value assets. However, an estate plan can protect anyone, including young people. It’s never too early to draft one, provided you are of legal age to do so.
Here is what you should know:
An estate plan has many documents
A will is not the only document in an estate plan. You can designate a guardian for your minor child or state your medical wishes should you become incapacitated.
Some young individuals avoid estate planning because they don’t want to think about death. But an estate plan also allows you to make vital decisions that can take effect when you are alive. For example, you can designate powers of attorney to handle your financial and medical decisions if you’re ever incapacitated.
An estate plan protects your existing assets
You don’t need to have assets worth millions of dollars to include them in your estate plan. You can state your wishes on your current possessions, such as your savings, house, car, heirlooms and so on. If you have digital assets, such as cryptocurrency, you should also include them in your will. Your estate plan will ensure your wishes are fulfilled, regardless of the value of the assets.
You can always update your will
Of course, your life will change with time. Nonetheless, it may be unwise to wait until you have kids or more assets to draft a will. If you die or become incapacitated intestate, your estate distribution can be complicated. You should write a will that reflects and protects your current life, as you can always update it.
A significant percentage of young individuals avoid estate planning because they have limited assets or don’t have a family of their own. However, it’s never too early to plan. Legal guidance can help you better understand your circumstances and the steps to take to get your estate plans in place.