Planning for what happens in the event of death can be a daunting prospect for anyone. However, younger individuals may be especially wary of tackling their estate plan.
Often, estate planning can be viewed from a negative perspective and seen as a morbid subject. However, the reality is much different. Estate planning can offer young individuals a sense of stability as well as providing security for the people they most value.
Consequently, it is worth considering some of the key benefits of having an estate plan as a younger person. Outlined below are three reasons why young people need an estate plan.
Estate planning is not all about death
It is a common misconception that estate planning revolves solely around death. On top of putting in place contingencies in the event of fatality, a solid estate plan can also provide guidance in the event of incapacity or disability. If you are no longer able to work because of disability, an estate plan can offer clarity in terms of how the family home should be maintained as well as how children should be cared for.
Accidents can happen
Although it may not be healthy to obsess over becoming potentially incapacited, it may be beneficial to briefly consider the possibility. Unfortunately, tragic accidents do occur and it may offer you comfort in the long run to know that your loved ones are provided for. Often, a lack of planning can lead to lengthy family disputes which could cause significant disruption.
Your assets are worth protecting
It is likely that you have worked hard for your assets and business interests. It may be helpful to know that your hard-earned belongings would fall into the right hands in the unfortunate event that something were to happen to you at a young age.
Estate planning can be a rewarding endeavor for younger people. When planning what happens to your estate, it is also important to remember that you have legal rights and protections.