Estate Planning for Young Adults: 7 Reasons to Consider Acting Now
Being a young adult is full of exciting changes, which might include finishing college or other job training and beginning your career, and moving out of your parent’s house and renting, or even purchasing your own home. Perhaps you are settling in with a partner and planning for the future together. At some point you may be discussing marriage or having children. At each of these exciting milestones, the importance of estate planning increases.
Estate planning is an important tool for any life plan. An estate plan helps ensure that your assets are safeguarded and distributed the way you would want in case you unexpectedly pass away. Estate planning is an important part of “adulting.”
Here are seven reasons to consider creating an estate plan.
1. Take Care of Your Life Partner
If you live with your partner or significant other but are not married, you may want to ensure that some of your assets go to them. This may become more important the longer you are together. Without an estate plan in place, your life partner may not receive any of your assets if you pass away unexpectedly.
2. Appoint Your Caretaker
You can decide who will speak for you by granting someone you trust powers of attorney in case you pass away or become incapacitated. This is an important decision to make for yourself rather than leave that decision to the courts.
3. Take Stock
Although it may not seem like it, you may have more assets than you realize. Your car, your jewelry, as well as benefits from your job such as a 401k, life insurance benefits, and stock options, all add up.
4. Digital Assets
Digital assets, such as rewards programs, crypto currencies, photos, subscriptions, and memberships, are growing in popularity and are likely to have value worth passing on.
5. Care and Keeping for Your Child
If you have a child, you will want to provide for their day-to-day care and ensure their financial security should you become incapacitated or pass away.
6. Pet Care
If you have a pet, you may want to create a pet trust to appoint a caretaker and provide funds for your pet’s ongoing care in the event of your death or incapacity.
7. Avoid Probate
If you do have significant assets, an effective estate plan can save your loved ones from going through the probate process. Probate is a court process that can take months or even years to complete depending on state law.
Young adult or senior citizen, no one wants to think about their death or incapacity. Yet estate planning is important at every age. Take the time to think about what you would like to happen after you pass away or if you become incapacitated. Consider meeting with an estate planning attorney to make sure that your wishes are properly documented. It is an important step to take to ensure that your wishes are carried out and your loved ones are taken care of.
Work with an experienced Virginia Estate Planning Attorney
We would be happy to help you begin your estate planning process. Contact Wilson Law PLC today at 866-603-5976 to set up a meeting or fill out our contact form and we will call you to schedule your meeting.