It’s never too early to start thinking about planning your estate. If you are a young adult, it’s likely that you don’t have a lot of assets, and therefore you may think that planning your estate is unnecessary at this stage in your life. However, the benefits of planning your estate go far beyond the distribution of assets.
By planning your estate, you can state your wishes regarding certain possibilities – such as you becoming ill or incapacitated. Additionally, planning your estate early in your life will set up a good foundation for years to come — when you do acquire significant assets. You should take the time to consider the following questions before planning your estate as a young professional.
Who Can I Trust to Be My Durable Power of Attorney?
If you become seriously ill and are no longer able to give consent to certain medical treatments, giving someone your durable power of attorney can allow that person to make decisions on your behalf. It’s common for people to appoint their siblings, significant others or adult children for this role.
Who Would I Want to Inherit My Assets?
If you pass away without an estate plan, your assets will be distributed according to intestate law. If you have a specific person or charity in mind who you would want to inherit your assets if you passed away, you need to state this in your estate plan.
If you want to start your estate planning journey as a young adult, you should reflect fully on your wishes before taking action.