You’ve always known that people make wills and have estate plans, but you never thought about when you should make your own. As someone in their 20s, you’re young, and the idea of passing away isn’t something that is on your mind. You also don’t have significant assets in your name to worry about.
Before you decide that it’s not time to make your will or estate plan, remember that a good estate plan is protective of you in life and after death. It’s not just designed to distribute your assets to others. In fact, a good estate plan will appoint people to take care of you if you can’t speak for yourself or are badly injured. There can be documents containing medical requests and that tell others your wishes.
A basic estate plan protects you and your family. While a last will and testament does describe how you’d like to divide your assets upon death, it’s also important to establish your durable power of attorney and to build your living will.
Most people don’t believe that estate planning in your 20s is necessary, but if you have a family, then it’s time to create one. If you don’t, your family could be left going through a long, tedious probate process to resolve your estate if you pass away. If you don’t, then medical providers may make decisions for you when you can’t speak up, and your family may not get a say.
Though you’re young, you shouldn’t overlook the value of an estate plan. A basic estate plan only requires a few legal documents and is easy to set up with the help of an attorney.