Most people assume that estate planning is meant for older people or those who have a serious illness. While that may be true, it doesn’t mean that a young person who is working and making a decent living should wait to create a plan. The truth is you’re never too young to start an estate plan.
Whether you are single or married, planning ahead for the future is always a good idea. Creating an estate plan now is the first step toward providing for your loved ones should the unthinkable happen.
What are the advantages?
Making your plan now can make things easier for you down the road. Here are some of the advantages of creating a plan when you’re young:
- You get to make the decisions that matter most. When you create your will, you can choose how your spouse and children will benefit from the estate instead of letting a court decide for them.
- Should you suddenly become incapacitated, you can rest a little easier knowing you have your healthcare directives in place. This takes the burden of making difficult decisions away from your loved ones.
- You can ensure that your children will be taken care of by appointing a guardian(s) you know and trust.
- You can create a list of your digital assets for your family. Should something happen to you, they will be able to locate all of your bank accounts, online investments and even your social media accounts. Otherwise, they might not be able to find this information on their own.
Creating an estate plan when you’re young doesn’t mean that you are forever locked into these decisions. As life changes occur, you can update your plan to reflect them.