Many people believe that estate planning is something that only the elderly or those with serious illnesses need to worry about. However, if you are 18 and over and earning a good income, it just makes sense to prepare for your future by creating an estate plan.
Having an estate plan is crucial for managing your finances, health, and other assets in the event of your death or incapacity. Whether you are married or not, making an estate plan now is the first step to securing your loved ones’ future in the event of the unimaginable.
Some advantages to creating an estate plan now
Creating your estate plan today will make things simpler for you down the road. The following are some benefits of making a plan when you’re young:
- You can compile an inventory of your digital possessions for your family. This will enable them to quickly access all of your bank accounts, online investments, and social media profiles in the event of an emergency.
- The decisions that count most are yours to make. By making your own will, you take control over how the estate is distributed to your spouse and children, rather than having the court make that decision for you.
- Designating a guardian or guardians you know and trust will let you rest easy, knowing your kids will be well taken care of should the need arise.
- Having your healthcare directives in place will provide you with peace of mind if you suddenly become ill or disabled. Because of this, your loved ones won’t have to bear the burden of making tough choices.
Making your estate plan while you’re young doesn’t mean you can’t later make changes. You may modify your strategy to account for changes in your life as they happen. When you’re ready to work on your plan, seek guidance to help you with the process.