Young people need estate plans, too
Many people are under the impression that estate planning isn’t important until later in life. While it’s your hope that your estate plan never comes into play when you’re young, there’s no way to predict the future.
As a younger individual, such as if you’re in your 20s or 30s, here are some reasons to take action and immediately create an estate plan:
- You started your first “real” job: You have a steady income, benefits, life insurance and more. In other words, you have a lot to protect. There are many ways you can do so with a well-thought-out estate plan.
- You’re expecting a baby: It doesn’t matter how you’re expanding your family. If you’re doing so, your estate plan requires your attention. For example, once you bring the child into your family, you’ll want to name a guardian. You may also want to name your child as a beneficiary.
- Divorce or marriage: Maybe your marriage didn’t work out. Or maybe you’ve found the love of your life and marriage is on the horizon. Either way, once it’s finalized, turn your attention to your estate plan. For example, if you’re getting married, you’ll probably want to name your spouse as your beneficiary.
- The death of a parent: If one of your parents passes away, it will open your eyes as to what the future could bring. It will help you realize that anything can happen at any time, so you must protect yourself. Make notes of what your parent did right and wrong with regards to their estate plan. This will provide you with some direction as you head down this path.
- Peace of mind: If nothing else, create an estate plan for the peace of mind it will provide. You’re young and you have your future to look forward to. You don’t want to sit around and worry about the potential impact of not having an estate plan.
If you’ve yet to create an estate plan, take the time to consider the best strategy for doing so. And if you do have an estate plan, review it to ensure that the terms and conditions still suit you and your loved ones.