It is easy to get caught up in the hustle of daily life, especially when you are navigating the waters of adulthood. Your focus might be on climbing the career ladder, expanding your family or figuring out how to balance your budget. Amidst all this, estate planning can sound like something for people with more…well, estate to worry about, right? Wrong.
Making your plans now, long before retirement or long-term care needs arise, can have numerous benefits for you and your family.
Essential elements of an estate plan
People often feel like estate planning is only necessary if you own real estate or have robust investment portfolios. However, estate planning isn’t just about assets; it’s about ensuring your loved ones are taken care of, and your wishes are honored. Think it is too soon? Consider these points:
- Guardianship: If you have a new baby or young children, who will care for them if something happens to you? If you have not named a guardian yourself, a court could decide.
- Financial security: While you are still building your wealth, estate planning helps protect what you have and may not have. Having a plan can earmark savings, protect loved ones from taking on your debts and maximize your legacy.
- Health directives: Should you get hurt or sick and be unable to make decisions, a healthcare directive speaks for you, making your wishes clear and easing the burden on your family.
- Personal wishes: You can create a guide for personal matters like final arrangements, management of digital assets, pet care and charitable goals.
With these elements in place, you are not just planning for the ‘what ifs’ — you are taking control of the ‘what wills’.
Putting down a solid foundation
Starting estate planning now might seem daunting and unnecessary. However, as an adult, you are never too young to start thinking ahead. Having even a basic estate plan builds a foundation for your future, whatever it may hold.
Starting the process now means you can set the terms for how your things are handled, and by whom, preventing unnecessary family stress or conflict. You gain peace of mind knowing that if life throws a curveball, you and your loved ones are prepared.