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Why estate planning matters for young adults

On Behalf of | Oct 3, 2023 | Estate Planning

Even if you are just starting out in life, you likely have some assets – a car, a savings account or personal belongings. Estate planning ensures that these assets go to the right people if something unexpected happens to you. It is a way to take control of your financial legacy.

Providing for your loved ones

If you have dependents, like children or a partner, estate planning is a way to secure their future. You can name guardians for your children, ensuring they are cared for by the people you trust. You can also provide financially for your loved ones through life insurance policies and trusts.

Avoiding legal complications

Dying without an estate plan can lead to a legal maze for your family. State laws may come into play and distribute your assets against your wishes. You may leave your family members in dispute, or they may end up paying unnecessary expenses. Estate planning helps avoid these complications.

Health care decisions

Estate planning is not just about finances; it includes a health care directive. If you cannot, this document lets you appoint someone to make medical decisions on your behalf. It ensures it follows your health care preferences, reducing stress on your loved ones during difficult times.

Starting early, starting small

Estate planning is a responsible and forward-thinking choice for young adults. It safeguards your assets, provides for your loved ones and simplifies matters during challenging times. Consulting with an attorney can help you create a tailored plan that suits your specific needs and goals.

You do not need an elaborate estate plan when you start. But it would give you an advantage in life to have at least a basic will and perhaps a health care directive. As your life evolves, you can update your plan to reflect changing circumstances.