Estate planning isn’t just for individuals who have reached the later years of their life. In fact, if you wait that long, you put your estate and your loved ones at risk. After all, if you suddenly pass away without an estate plan, then your assets will be passed down pursuant to state law, which may be counter to your wishes.
Why you should start thinking about estate planning now
Although asset distribution is certainly important, there are other aspects of estate planning that might be particularly appealing to you as a younger individual. Here are some of them:
- Healthcare directive: You could become incapacitated without notice. When this happens, someone will have to make health-related decisions for you. By creating a healthcare directive, you can specify who that person will be and what sort of important decisions you would want made on your behalf.
- Power of attorney: If you become incapacitated, you’ll also need someone to handle your finances. A power of attorney appoints someone to make those decisions for you until you regain capacity.
- Guardianship of your children: Your estate plan can also specify who will care for your children if you pass away, which can help avoid familial infighting.
- Caring for your pet: If you have a beloved pet, then you’ll want to ensure that they’re well taken care of when the time comes. You can do this by creating a pet trust.
Now is the time to create your estate plan
Even if you only have limited assets, now is the time to create the estate plan that protects you, your estate, and your loved ones. Don’t leave the future to chance. Take control and act now. Hopefully then you’ll be able to rest easy knowing that your vision of the future will come into reality if and when the time comes.