No Such Thing as Too Early
Many people associate estate planning with being older or having a condition that necessitates putting one’s affairs in order as quickly as possible. While people of a younger age might think they are too young to have an estate plan, the truth is that all younger adults should try and get an estate plan in place sooner rather than later. Here are some reasons why there’s no such thing as “too young” for an estate plan.
Not Guaranteed Tomorrow
While this may seem morbid, the reality is that no one is guaranteed another day or knows what will happen in the future. This uncertainty might seem scary, but truly this fact can be motivating to take action now rather than later. Getting an estate plan in place at a young age provides both you and your family with a level of certainty in a world of unknowns.
Peace of Mind
While your family may not worry about your estate and its accompanying issues while you are alive and healthy, something unexpected occurring could lead them to worry about what might happen if you pass on. Having an estate plan in place, even at an early age, can bring a sense of calmness and security to your family if something unexpected happens. They can rest knowing that your wishes will be fulfilled and they will be taken care of.
Power to Make Decisions
If for some reason you become incapacitated and unable to make decisions for yourself, having an estate plan in place can ensure that your wishes will be carried out. Both a power of attorney and medical power of attorney are essential parts of an estate plan; these aspects allow a named party the ability to make decisions on your behalf. With this aspect of an estate plan in place, you can be sure that you will be taken care of if you lose the capability of making decisions.
Ready to Prepare for the Future?
No matter what age you are, estate planning is an important part of ensuring your wishes are carried through and that your family is protected. Because of the complicated nature of planning asset division and other issues, you should consider working with an estate planning attorney to help you craft a plan that meets your needs.