When you are young, considering your death may feel morbid and dark, and you may avoid the possibility of it for a while. However, not thinking about it may put you and your relatives at risk for issues should you die without leaving any directive behind.
Age does not matter as much when it comes to the starting point for your estate planning efforts. Give some thought to the following factors before dismissing the idea that your youth means you do not need to create an estate plan.
Are you financially independent?
While having full-time employment is not the only element to consider when deciding whether to start an estate plan or not, it is a crucial one. For one, it means you receive a paycheck and likely have money in the bank or own property. When you die, your assets determine what type of probate process your estate goes through. Dying without a will makes it more likely that your family will need to go through a protracted court process.
Anytime you start acquiring property and assets, and to some measure, debts, you need to think long and hard about what you want to happen to those items when you die.
Do you have children?
When you have children, you have a legal obligation to provide them care until they reach 18. An estate plan can ensure that your minor children receive care after your death. In your will, you can designate a person or persons who you wish to appoint as guardians over your children. You will also want to set aside money for their continued care.
Contemplating what will happen to loved ones after your death, even if you are young, is a responsible step in your continued journey through adulthood.
