Young people often feel invincible. Death is the last thing on their mind, so they figure they have plenty of time to create an estate plan. The reality is that an estate plan is for more than death and that it is valid for people of all ages. If you are in your 20s, you can benefit from creating yours today.
Forbes explains that estate planning is not only for rich people because everyone has assets, and without a solid plan, your estate will go to probate. Probate can take a while to get through, which leaves your family in limbo and unable to move on. So, creating an estate plan can save your family the hassle and emotional toll of probate.
More than death
In addition, an estate plan is not just a document saying where you want your assets to go when you die. It also includes a power of attorney, which is a document that gives someone else the legal right to make decisions for you. It can be handy to have if you become incapacitated.
Your plan may also include documents that state your wishes for life saving medical efforts and what you would like to happen if you suffer a serious accident or disease that leaves you on life support. These decisions can be difficult for family members to make, so you can prevent them from having to go through that by making your wishes known.
It is about your family
The bottom line is that an estate plan is less about you and your needs and more about your family. You can help them to avoid additional stress, emotional pain and hassle by taking a short amount of time to craft a plan.