Should You Make A Last Will If You Are Young?
Young people usually are not worried about their life-ending. Most youngsters like to believe that they have a lot of time, so they focus on other things rather than planning what happens after they pass away. Not only youngsters but even some older adults believe that creating an estate plan is something you do when you are in your 50s or 60s.
However, there are various reasons for making a Will at an early stage of life. Even though you might have a million other important things to do, consider adding this to the list as well. When you decide to take the step finally, contact an estate planning attorney.
Reasons why young people should start estate planning
- Dealing with incapacitation.
Serious medical illnesses do not only hit people of old age but youngsters as well. When one strikes you, you should be prepared. There are two powers of attorney- one for financial matters and the other to decide health care terms for you when you can no longer make the decisions yourself. With no powers of attorney, your family will be left confused.
- Entering the military.
If you plan on entering the military at the age of 18 or above, you might be aware of how uncertain the life of a soldier can be. Even if you are only 18 years old or still in your twenties, you should still create an estate plan before you go.
You never know what will happen at the border. You do not want to leave uncertainty and confusion for your family when they are still grieving over your death. Just setting up a basic Will with powers of attorney can help.
- To keep the state from stepping in.
When a person dies without creating a Will, the State will not give your family or loved ones to make the decision on behalf of you unless you have specified that in writing. The government has its own way of dealing with estates whose owners die without preparing a Last Will.
The assets are usually distributed to the closest family members, such as the spouse, parents, and children. If you want to give your assets to someone outside your family, they won’t be able to receive them without a written statement from you. Assets usually go to immediate family members.
- To protect your children.
Young people in their twenties may have kids. If you have even one child, you must create an estate plan. You might especially need a plan if you are a single parent. With the estate plan, you can ensure that your assets go to your children only and nobody else.
