There is a common misunderstanding that young people do not need to have estate plans or that estate planning is only important for older people, married people or people with kids.
According to U.S. News and World Report, estate plans are important for every adult. They provide much more than instructions on who becomes the guardian of your children or dispersing your assets.
Make things easier for your parents
If you are single with no children and you die, your parents become the heirs to your estate. They have to make all the decisions for you if you do not have an estate plan. It can be very difficult for them to navigate your life, especially if you moved away from home and no longer live under their care at the time of your death.
Communicate when you cannot
The main reason you want an estate plan is to avoid a situation where you are unable to communicate your wishes and your parents have to do it for you. If you end up in a coma or with a brain injury, you may not be able to tell the doctors what you want to happen with your care. An estate plan gives you the chance to communicate your wishes should something like this happen. It takes a lot of strain off your parents.
Potentially avoid probate
If you have an estate plan, it can help your estate move past probate quickly or avoid it. You can set up all the instructions you need in a will or create a trust to ensure it is clear exactly what you want to happen and to provide legal access to your estate by your parents.
In short, having an estate plan makes things much simpler for those you leave behind.