Many people believe estate planning is a step they do not have to take until they are older. It is common for young people to put off creating an estate plan because they think they have time, they do not have enough assets or they have not started a family.
It is important to note that estate planning is important, no matter how old you are.
3 reasons why young people should create estate plans
Most people in California think estate plans are only for end-of-life planning. While this is a critical role that estate plans play, they have many other uses and benefits. For example, they can help you:
- Protect your health: Once you turn 18 and become a legal adult, the law does not allow medical professionals to discuss any of your medical information with your family members. That is, not unless you give them permission to do so through an advance health care directive. This estate planning document lets you outline instructions regarding your care and treatment. It also lets you give someone you trust the ability to discuss your condition with healthcare providers and make decisions if you cannot.
- Protect what you have: Even at a young age, you might have a significant amount of money in a savings account or a retirement fund. You can assign your family members as beneficiaries of financial and retirement accounts. However, finances are not the only thing you can address in your estate plan. You can also protect the items you value the most, whether they are collectibles or other memorabilia, and keep them from falling into the wrong hands.
- Prepare for the future: There are many things you can address in an estate plan. For example, you can ensure someone will take care of your beloved pets if something unexpected happens. You can also make arrangements for all of your online assets and accounts in this increasingly digital world.
No one wants to consider the unexpected – and all that might entail. However, taking the steps to do so can help you feel more secure in the present, as well as the future, no matter your age.