When you think about estate planning, it is common to think about planning for funerals and distributing wealth; including homes and investment accounts. This mode of thinking may lead people to believe that estate planning is only for the well-of, middle aged and elderly.
However, estate planning can be beneficial for young people as well; especially those in their 20’s and 30’s. This post will highlight a number of reasons why.
Lifestyle patterns – Millenials (those in their 20’s and 30’s) commonly live active lifestyles, including riding motorcycles, traveling to exotic locations and participating in extreme activities. These increase all come with a certain level of risk. So having an estate plan can provide some peace of mind to deal with the unthinkable.
Children – Additionally, an estate plan can include plans for how (and who) children shall be cared for in the event you can no longer do so. As such, a guardianship plan should be in place. Another reason for young people to have an estate plan.
Pets – For many people, pets are like family, so including plans for how to take care of one’s pets is a good reason to have an estate plan.
Decision-making power – While young people may not think that they have enough assets for an estate plan, they may not realize that what they do have will be distributed according to intestate statutes instead of their own wishes. An estate plan will help them retain such decision-making power.
If you have more questions about how young people can benefit from an estate plan, an experienced attorney can help.