Real World Solutions Tailored To Your Needs

Young adults can benefit from estate planning

On Behalf of | Mar 5, 2024 | Estate Planning |

Many people believe that estate planning is only necessary for the elderly or those with life-threatening conditions. However, adults of all ages can benefit from making an estate plan, including young adults.

While it isn’t something that most people like to think about, it is important to remember that unexpected events can happen at any age. Having a plan in place can help ensure that your wishes are honored, should “the unthinkable” occur.

Advantages to making an estate plan while you’re young

There are advantages to creating an estate plan while you’re young. For example:

  • By planning ahead, you get to decide how to divide your assets among your loved ones, instead of having the court make those decisions for you.
  • You may feel secure knowing that any children you may have will be well-cared for in an emergency by designating a guardian or guardians you know and trust.
  • You can compile a digital list of everything you own for your family. In an emergency, they will be able to swiftly access all of your bank accounts, internet assets and social media profiles thanks to this effort.
  • You’ll feel more at ease knowing that your healthcare directives are in place in the event that you unexpectedly become ill or incapacitated. Your loved ones won’t have to shoulder the responsibility of making difficult decisions as a result.

Making your estate plans when you are young doesn’t necessarily mean you have to stick with them for life. As your life evolves, you may adjust your plan as needed. Seeking assistance with creating your plan can better ensure that you are prepared for the future and that your assets are protected and distributed according to your wishes.