Creating an estate plan is an important process for individuals at any age. This includes young people who have no reason to believe that their health is in question. There are many benefits to creating an estate plan while you are young.
5 Reasons to Consider an Estate Plan When You Are Young
Why should you consider creating an estate plan at a young age? The following is an overview:
- When you are young and contemplating marriage, it may be a good time to consider a prenuptial agreement. A prenuptial agreement can lay out in advance the terms for dividing assets in the event that your marriage does not work out. It can also protect you in the event that your future spouse has significant debt acquired before the marriage, such as student loans.
- Medical emergencies can happen to anyone at any age. Creating an estate plan allows you to express your wishes with regard to your medical care. It also allows you to appoint someone to make medical decisions on your behalf as well as manage your financial affairs when you are unable to do so.
- Emergencies may arise where you are unable to manage or access your financial affairs. For example, you may be traveling overseas and need to pay an important bill but are unable to access your accounts while abroad. A properly created estate plan will allow you to appoint someone who can step in to take care of your finances when needed.
- Most of us don’t know when death will occur. An estate plan can ensure that your wishes are properly outlined before you die, so your assets pass to beneficiaries in the manner you desire.
- If you have young children, an estate plan is crucial for making decisions about who should care for your children and how they should be raised in the event that you die.
Are you interested in learning more about creating an estate plan? Contact us today at (714) 459-5481 for assistance.