If you are a young adult or have not yet reached middle age, you could overlook end of life issues, thinking that it is unnecessary to address these issues at this point in your life. Many Millenials do not have an estate plan set up, but there are a number of reasons why creating an estate plan at a young age is advantageous. Moreover, overlooking estate planning can have devastating consequences in the event that an unexpected accident occurs or a debilitating illness arises.
By creating an estate plan early on, you can take control of your financial future, which is especially helpful if unexpected hardships come up at any point in your life.
The benefits of estate planning at a young age
According to USA.Gov, setting up an estate plan allows people to make crucial decisions with respect to the division of their assets and critical medical issues that could arise if they become incapacitated. In recent months, more people are realizing how devastating serious illnesses are and people of any age can find themselves in a difficult position due to cancer or an infectious disease. Having an estate plan not only provides peace of mind but gets rid of uncertainty for your family members if you pass away or are unable to handle estate-related matters.
The benefits of estate planning for young parents
Many Millenials are becoming parents and estate plans are especially important for those who have minor children. If you have kids, you can decide who will take care of your children if you are no longer able to provide your kids with the care they need. In your estate plan, you can appoint a guardian to ensure that a suitable individual is able to raise your kids. Moreover, you can also address the division of your assets among your children and other beneficiaries.
