Much of the estate planning process centers around making plans should you become incapacitated. While this is certainly something elderly people need to consider, it may also apply to younger adults.
Estate planning instruments cover various bases which are as relevant to younger adults as they are to the older generation. Outlined below are a few reasons why you may want to consider estate planning as a younger adult.
Protecting your children
You’ve just started a family and you intend to be heavily involved in your child’s upbringing until they reach adulthood. While this is the most likely scenario, there is no harm in planning for every possible scenario.
By drafting a will, you can ensure that your assets go to your children, offering them financial security for years to come, whatever happens. You can also use your estate plan to secure their education. With a trust fund, you can cover the costs of their college fees even if something happens to you before they attend.
Your assets are important
Younger people tend to underestimate the value of their assets. It can take time to build vast property and business portfolios, but that doesn’t mean that what you already have isn’t worth something. You may want to allocate the family home to your partner so that your family always has somewhere safe to live. Even if your assets are limited in terms of monetary value, you might have sentimental items that have been passed from generation to generation. An estate plan can ensure that this trend continues.
Estate planning doesn’t need to be morbid or depressing. In fact, by taking a little time to ensure that your plan matches your wishes, you and your family can enjoy much more stability.
