Four reasons to engage in estate planning at a young age

A lot of people think that estate planning is something for the elderly, and many make the mistake of thinking that estate planning is only about asset distribution. There’s so much more to the process that can give you and your loved ones needed protection and peace of mind. So, if you’re a younger individual considering whether estate planning is right for you, then please continue reading to see what the process can do for you.

The benefits of estate planning at a younger age

You can create an estate plan at any time. And there are many benefits that you can reap from creating your estate plan early on. Here are some of the advantages of creating your estate plan now rather than waiting until you’re older:

1. Protect your children’s upbringing: If you have children, then your estate plan can specify who will assume guardianship of them if you and their other parent pass away. This can give you peace of mind knowing that your children will be cared for and raised by someone you trust and who has worldviews similar to yours.
2. Protect your health when the unexpected occurs: We all hope to live long and healthy lives, but unexpected events can and will happen. If you’re subjected to a car accident or the onset of a medical condition that leaves you incapacitated, for example, then who is going to make healthcare decisions on your behalf? It’s a good question, the answer to which can be quite messy if you don’t have a healthcare directive or power of attorney in place. So, it’s better to create one of these documents sooner rather than later so that you have the protection you need.
3. Dispose of your assets as you see fit: It may not seem like you have many assets, but you probably have more than you realize. Your checking and savings accounts might have some funds in them, but you also have personal property and probably some digital assets. You’ll want to make sure your estate, regardless of its size, ends up in the right hands. If you don’t have a will, your assets will be distributed pursuant to state law, which may not align with your wishes.
4. Avoid probate costs: If you’re smart with your estate planning, you can avoid many, if not all, of the costs associated with probate court. If you forego an estate plan, though, then your estate and your loved ones will bear the brunt of these costs, which can be unexpected and expensive. By creating an estate plan now, you can rest assured that you’re avoiding that sort of outcome.

There are other benefits to estate planning at an early age. So, if you’re interested in what the process has to offer you, then you may want to discuss the matter more in-depth with your estate planning attorney.

Act now to protect your estate and your vision of the future

Through your estate plan you can protect your assets, provide for your loved ones and spell out your legacy. But doing so will take proactiveness on your part as well as knowledge of the law. Don’t procrastinate, either, as doing so increases the risk of something happening without adequate preparations in place. So, if you’re ready to embark on your estate planning journey, then now is the time to read up on the process and seek out any help that you may need.