Why Young People Should Have Estate Plans

Author: MatadorAdmin Posted on: . Filed in: Uncategorized.

Estate Planning Lawyer

Many young people who are not yet established in their careers and don’t have very many assets might not think it is necessary to establish an estate plan. However, drafting up a plan can actually have many benefits for young people. Don’t put off creating a proper estate plan just because you don’t have a lot of money in the bank. An estate planning attorney can explain why young people should have estate plans.

You Received an Inheritance

Whether you received an inheritance from a parent or distant relative, it is a big asset to have. If something should happen to you unexpectedly, you don’t want the money to get into the wrong hands. If you create an estate plan, you can designate which beneficiaries you want to receive the inheritance if you die.

Your Family Can Avoid Probate

Even if you have very little assets, they will have to go through a probate process before your family members will receive them. Probate is a very long and tedious process that may stress your family members out even more. If you take the time to create a proper estate plan, your family members can receive your assets a lot faster and will not have to go through the hassle of probate court.

You Have a Pet

If you have a pet, you probably consider it a member of your family. What would happen to your pet if you died unexpectedly? If you create an estate plan, you can state who you want to take care of your pet in the event of your death and even include money for its care.

You Want to Give Your Assets to Friends

Without an estate plan, the court will decide who gets your assets when you die. They will most likely go to your immediate family members. If you prefer your assets to go to your friends, that’s one more reason to create a will. You can designate who you want to receive your assets in your estate plan.

You May Become Physically or Mentally Incapacitated

Serious physical and mental traumas can affect even the young. If you suddenly become incapacitated from an illness or accident, someone will have to make important financial and health decisions on your behalf. You can appoint the person you want to take care of these matters in your estate plan.

As you can see, there are plenty of good reasons to create an estate plan while you’re still young. It will protect your loved ones and give you a peace of mind. A skilled estate planning lawyer Fairfield County, CT trusts can help you create a proper estate plan that reflects your wishes.

 


 

Thank you to our friends and contributors at Sweeney Legal for their insight into estate planning.