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Why young adults need an estate plan

On Behalf of | Jan 1, 2024 | Trusts And Estate Planning

Estate planning is commonly associated with elderly individuals and those suffering from serious illnesses. However, the truth is that estate planning can benefit all adults, including younger ones.

Outlined below are a few reasons why younger people should consider estate planning.

Protection for family members

For new parents, estate planning is essential. Not only can young adults ensure that their children benefit from their assets should something unexpected happen, but estate planning offers much more. For example, a will can be utilized to name guardians for minor children. This means that a suitable guardian can step in should something happen to the child’s parents.

Young people acquire assets

You don’t have to possess a vast amount of wealth to benefit from estate planning. Perhaps you have just purchased your first home. This is a sizable asset that your loved ones could benefit from should something happen to you. For instance, you could utilize a will or trust to help ensure that your family always has a place to live.

Estate planning is about more than assets with monetary value. There may be family heirlooms that you want to remain in the family. An estate plan gives you the tools to make sure that this happens.

Health care needs

With a medical power of attorney, you can also authorize someone to make medical decisions on your behalf should you be unable to. This means that you receive the health care you want if you can’t advocate for yourself. It can also minimize stress and conflict among family members.

As a young adult, if you have yet to address your estate plan, now is as good a time as any. Seeking legal guidance will help you to take the appropriate steps.