You’re all for preparation, but if someone were to recommend you draft an estate plan, you might laugh. After all, you’re in your twenties, and in the past few years alone so much has changed about your life. You’re far more focused in the day to day than you are in what lies in the far future. What’s more, estate plans and wills are all typically made by the elderly, right? After all, these are people who’ve been saving for decades.
This is a common misconception when it comes to estate plans. But there is no prerequisite for planning for your future. Think of an estate plan as a safeguard for your future, no matter what you own. You don’t need to own a house to take it seriously.
Why your twenties is the perfect time to work on an estate plan
- Avoiding guardianship: If you became incompetent, you would want to avoid the costs of setting up a guardianship through the court system. Creating a durable power of attorney may allow you to avoid the expense and inconvenience of having to have the court supervise your financial affairs.
- Medical decisions: Who would make medical decisions for you if you were unable to do so? Naming a health care surrogate would allow a designated person to make medical decisions for you when you are unable to do so.
- Living will: If you do not want to be kept alive on life-support when there is no hope of your recovery from a terminal medical condition or persistent vegetative state, you need a living will.
Naming a health care surrogate could inform your doctors of your living will desires.
- Your property: In the event of your untimely demise, a will allows you the right to designate who you wish to inherit your property. Without a will, you leave that decision to a court, which may not know your wishes or simply discount them altogether.
- Life events: Children, marriage, divorce, etcetera. These are all milestones that may make you rethink your estate plan and plan for unexpected events in the future.
Life is uncertain, protect the ones you love
Let’s face it, because you know it: life is uncertain. Everyone assumes that they’ll grow old and watch their grandchildren play in the yard. But the fact of the matter is, that’s not always how it goes. It’s not an easy thought to confront. But you want to live your life without the worry of the unknown. You want to safeguard yourself, your property and protect those you love. With an estate plan, you can outline to your family and friends your wishes when the unthinkable occurs.
An estate plan is not as expensive as you may think. Taking time today to set up an estate plan can go a long way. When you’re in your twenties, considering your future may feel strange, but it will help you realize what is and who are important to you.
Why not act now for peace of mind.