One commonly made mistake during the estate planning process is thinking that it’s only meant for those who are in the later years of their life. Those who hold this belief end up procrastinating in the creation of their estate plan, which then puts them, their estate, and their loved ones at risk.
Why you should estate plan now
To avoid unnecessary risk, it may be helpful to understand how estate planning can benefit younger adults. Here are some of the benefits of creating an estate plan earlier in life:
- You’ll have a plan for incapacitation: No one wants to think about becoming incapacitated, but it could happen at any moment. When it does, you’ll want to have a plan in place that specifies the type of medical care you want to receive, who will make important medical decisions for you, and who will make financial decisions on your behalf. By planning this out in advance, you can retain control by specifying your wishes and naming who you want to make those decisions for you.
- You’ll name guardians for your children: Passing away without an estate plan can lead to a custody fight over your children. If you want to avoid that, then you’ll want to create an estate plan that specifies who will become your children’s guardian in the event that you and your children’s other parent both pass away.
- You’ll take care of your assets: Even if you think you don’t have many assets, you probably have some items that are important to you. By creating an estate plan now, you can ensure that those assets will pass to your loved ones as you see fit.
Don’t hesitate to create your estate plan
The estate planning process is customizable to suit your needs. So, don’t fear the process. Embrace it and find the sense of comfort that’s provided by knowing that your affairs are in order if something goes wrong.