You’re young, and you don’t think it’s reasonable that you could need an estate plan in place. After all, it’s usually retirees who have estate plans, because they are more likely to have money and assets to protect. Keep in mind, though, that estate plans aren’t just there to protect your beneficiaries or to help you in old age. Estate planning also helps you if you are suddenly incapacitated, or pass away, at a younger age.
When you’re 18, you’re in charge
The first and main reason why you should set up an estate plan as early as 18 is because you are now officially an adult. As an 18-year-old person, you need to make sure there are steps in place to protect you if you are badly hurt in a crash or if you can’t make decisions for yourself.
With your estate plan,
you can assign roles like your power of attorney agent for financial or health care needs. You can also include instructions on how you want your medical care to be handled and who you want your information shared with. An estate plan can also help bypass probate if the titles are set up appropriately. So, if you do pass away unexpectedly and have a will that dictates how to pass on your assets, any beneficiaries will be able to get those assets more easily. Even if you only have a vehicle or some basic items, those will need to pass on to your parents, siblings or others, so having a will is essential even at this age.
Talking about injuries and death is hard, but it’s worth doing
At this age, you may feel like it is difficult to think about getting hurt or passing away so young, but we never know when either can happen and it’s relatively easy for you and your legal adviser to protect you and your family from the consequences thereof. To help protect yourself and the people you care about, it is valuable to look into starting your estate planning process.
Even something as simple as a basic will is a step in the right direction and will make sure at least some protections are in place. Call you legal advisers at OWM Law Offices to help with these issues.