When your life is abundant with exciting new developments, it might feel natural to put off estate planning until much later down the road. However, your early adult years are actually the best time to begin writing your will, especially if you decide to start a family.
Building an estate plan is not just about handing out money to your relatives. It is also a way to guarantee your family’s well-being in case tragedy strikes. By understanding the benefits of having an estate plan as a young adult, you can make the best decisions as you begin growing your family.
Addressing your children’s needs
As you welcome a new child into your life, one of the first questions on your mind should be how they will get the care they need if something happens to you and your partner. Having a will empowers you to name another suitable adult as a guardian in the event of your passing. You might also consider forming a trust to effectively manage your finances for the sake of your children’s long-term financial security.
Preparing for the future
Starting an estate plan early makes it easy to build onto your will later. Your priorities and intentions might change as your asset profile grows and your children transition into adulthood. Accounting for everything all at once can be overwhelming if you put off estate planning until your later years, but developing your will slowly over time makes the process much more manageable.
Being a parent means doing everything you possibly can to support your children. Having an estate plan in place gives you peace of mind in knowing that you are preparing for every eventuality.