Some people opt to leave estate planning for their senior years, which is a grave mistake. Below are some of the reasons even young adults should plan their estates now.
Young Adults Have Wealth, Too
Some people think young people should not bother with estate planning because the young don't have wealth. Such thoughts aren't entirely correct, as some young people are even wealthier than their seniors. Some young adults have successful businesses, have talents that earn them considerable money, or have inherited valuable property.
In short, wealth doesn't come with age. Besides, you don't have to be seriously wealthy to plan your estate. Even the little assets you have, such as your private car or your electronics, should go to the right people if you die. If you don't plan your estate, then state laws determine who should get your personal belongings upon your demise.
Estate Planning Is Not Just for Inheritance
Some people also think that estate planning is just necessary for those who have beneficiaries and want to organize inheritance-related issues. However, estate planning encompasses various aspects of your life; it is not just for wealth distribution. Here are other things estate planning can help you with:
You can plan your estate and identify someone to manage your finances if you are unable to do so. For example, you need someone who can run your business, settle your debts, pay your bills, and avoid wastage if you are sick and can't do such things.
A healthcare power of attorney, which is part of estate planning, allows you to appoint someone to enforce your health or medical wishes if you are unable to do so. For example, if you suffer a serious injury and go into a coma, you need someone to determine which treatments you should get and where you should get them.
Estate planning allows you to minimize your tax obligations without tax evasion. If you don't plan your tax issues carefully, the government will take a huge chunk of your estate assets if you die.
You can't afford to ignore estate planning if you have a child or two, even if they are young. You want your children to live in a good place, be safe as they grow, and enjoy not only the basics of life, but all the luxuries you can afford. Your children will only enjoy such things if they have the right people to look after them, and you can designate such caretakers with estate planning.
Lastly, estate planning also gives you the opportunity to direct your family members on how to treat your remains and final send-off in case of your demise. You can direct your loved ones on where to bury you or to cremate you after your death. You can even provide the resources, such as money, your loved ones will use to carry out your wishes.
You Can Always Update the Estate Plans
You shouldn't wait until you reach a certain age to plan your estate because estate planning documents are updateable. Even senior adults should update their documents regularly because circumstances and wishes change.
You don't have to wait for a certain time to plan your estate. Just plan your estate now and update your documents if the circumstances change. You can always add or remove beneficiaries, change your wishes, or even add and remove properties from your estate plans.
As you can see, everyone from the young to the old should plan their estates. At Joseph E. Walden, Attorney at Law, we have the skills, experience, and resources to help you plan your estate, whether you consider yourself young, old, wealthy, or poor. Contact us today to learn more about how we can help you plan your estate, and why you should plan your estate.